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<SEC-DOCUMENT>0000088053-06-000139.txt : 20060206
<SEC-HEADER>0000088053-06-000139.hdr.sgml : 20060206
<ACCEPTANCE-DATETIME>20060206153439
ACCESSION NUMBER:		0000088053-06-000139
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20051130
FILED AS OF DATE:		20060206
DATE AS OF CHANGE:		20060206
EFFECTIVENESS DATE:		20060206

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DWS MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000839533
		IRS NUMBER:				363605060
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05655
		FILM NUMBER:		06581288

	BUSINESS ADDRESS:	
		STREET 1:		222 SOUTH RIVERSIDE PLAZA
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606
		BUSINESS PHONE:		3125371569

	MAIL ADDRESS:	
		STREET 1:		222 SOUTH RIVERSIDE PLAZA
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCUDDER MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20010123

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KEMPER MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19920703
<SERIES-AND-CLASSES-CONTRACTS-DATA>
<EXISTING-SERIES-AND-CLASSES-CONTRACTS>
<SERIES>
<OWNER-CIK>0000839533
<SERIES-ID>S000009025
<SERIES-NAME>SCUDDER MUNICIPAL INCOME TRUST
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000024536
<CLASS-CONTRACT-NAME>Class A (Preferred)
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000024546
<CLASS-CONTRACT-NAME>Common Stock
</CLASS-CONTRACT>
</SERIES>
</EXISTING-SERIES-AND-CLASSES-CONTRACTS>
</SERIES-AND-CLASSES-CONTRACTS-DATA>
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>mit.htm
<TEXT>
<!doctype html PUBLIC "-//IETF//DTD HTML//EN">
<HTML>
<!-- HTML generated by Interleaf 7 -->
<HEAD>

<title></title></HEAD>

<BODY BGCOLOR="#ffffff">
<PRE>

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D. C. 20549

                                   FORM N-CSR

Investment Company Act file number 811-05655

                         SCUDDER MUNICIPAL INCOME TRUST
                      ------------------------------------
               (Exact Name of Registrant as Specified in Charter)

                  222 South Riverside Plaza, Chicago, IL 60606
                 ----------------------------------------------
               (Address of Principal Executive Offices) (Zip Code)

        Registrant's Telephone Number, including Area Code: (212) 454-7190
                                                            --------------

                                  Paul Schubert
                                 345 Park Avenue
                               New York, NY 10154
                     ---------------------------------------
                     (Name and Address of Agent for Service)

Date of fiscal year end:        11/30

Date of reporting period:       11/30/05

<PAGE>

ITEM 1.  REPORT TO STOCKHOLDERS

</PRE>


<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_19">
<TD CLASS="CLASS_156" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<H1 CLASS="CLASS_157" ALIGN="LEFT"><BR>
Scudder Municipal<BR>
Income Trust</H1>
</TD>
</TR>

<TR CLASS="CLASS_21">
<TD CLASS="CLASS_165" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_162" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<H2 ALIGN="LEFT"><I><FONT COLOR="#000000">&nbsp;</FONT></I></H2>
</TD>
</TR>

<TR CLASS="CLASS_20">
<TD CLASS="CLASS_164" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_161" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<H2 ALIGN="LEFT">Annual Report to Shareholders</H2>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_163" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_160" ALIGN="LEFT" VALIGN="TOP" COLSPAN="2">
<H2 ALIGN="LEFT">November 30, 2005</H2>
</TD>
</TR>

<TR CLASS="CLASS_18">
<TD CLASS="CLASS_155" ALIGN="JUSTIFY" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="JUSTIFY"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000">Contents</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_153" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_17">
<TD CLASS="CLASS_152" ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#perfsum">Click Here</A></FONT><FONT COLOR="#000000">   Performance Summary</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#pmr">Click Here</A></FONT><FONT COLOR="#000000">       Portfolio Management Review</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#portsum">Click Here</A></FONT><FONT COLOR="#000000">  Portfolio Summary</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#portfolio">Click Here</A></FONT><FONT COLOR="#000000">        Investment Portfolio</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#fins">Click Here</A></FONT><FONT COLOR="#000000">     Financial Statements</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#high">Click Here</A></FONT><FONT COLOR="#000000">     Financial Highlights</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#notes">Click Here</A></FONT><FONT COLOR="#000000">    Notes to Financial Statements</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#ria">Click Here</A></FONT><FONT COLOR="#000000">      Report of Independent Registered Public Accounting Firm</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#tax">Click Here</A></FONT><FONT COLOR="#000000">      Tax Information</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#drip">Click Here</A></FONT><FONT COLOR="#000000">     Dividend Reinvestment Plan</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#iaca">Click Here</A></FONT><FONT COLOR="#000000">     Investment Management Agreement Approval</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#officers"></A><A HREF="#officers">Click Here</A></FONT><FONT COLOR="#000000"> Trustees and Officers</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#3d0000">  <A HREF="#adinfo">Click Here</A></FONT><FONT COLOR="#000000">   Additional Information</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Investments in funds involve risk. Certain investors' income may be subject to the federal
Alternative Minimum Tax (AMT), and federal, state and local taxes may apply. Closed-end
funds, unlike open-end funds, are not continuously offered. There is a one time public
offering and once issued, shares of closed-end funds are sold in the open market through
a stock exchange. Shares of closed-end funds frequently trade at a discount to net asset
value. The price of the fund's shares is determined by a number of factors, several of
which are beyond the control of the fund. Therefore, the fund cannot predict whether its
shares will trade at, below or above net asset value. The fund invests in individual bonds
whose yields and market values fluctuate, so that your investment may be worth more or
less than its original cost. Bond investments are subject to interest-rate risk such that when
interest rates rise, the prices of the bonds, and thus the value of the bond fund, can
decline and the investor can lose principal value.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Scudder Investments is part of Deutsche Asset Management, which is the marketing name in the
US&nbsp;for the asset management activities of Deutsche Bank AG, Deutsche Investment Management
Americas Inc., Deutsche Asset Management, Inc., Deutsche Bank Trust Company Americas and
Scudder Trust&nbsp;Company.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Fund shares are not FDIC-insured and are not deposits or other obligations of, or guaranteed by, any
bank. Fund shares involve investment risk, including possible loss of principal.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="perfsum" ID="perfsum"></A>Performance Summary  </FONT><B><FONT SIZE="-1" COLOR="#3d0000">November 30, 2005</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_153" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Performance is historical, assumes reinvestment of all dividend and capital gain
distributions, and does not guarantee future results. Investment return and
principal value fluctuate with changing market conditions so that, when sold,
shares may be worth more or less than their original cost. Current performance
may be lower or higher than the performance data quoted. Please visit
scudder.com for the Fund's most recent performance.</FONT></B>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="5">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Average Annual Total Returns </FONT></B><FONT SIZE="-2" COLOR="#ffffff">as of 11/30/05</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_16">
<TD CLASS="CLASS_109" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Scudder Municipal Income Trust</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_147" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">1-Year</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_147" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">3-Year</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_147" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">5-Year</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_147" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">10-Year</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_103" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Based on Net Asset Value<SUP>(a)</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_112" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">4.45%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_112" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">6.79%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_112" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">8.31%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_112" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">6.76%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_102" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Based on Market Price<SUP>(a)</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_110" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10.15%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_110" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">11.06%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_110" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10.92%</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_110" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">6.81%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_102" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Lehman Brothers Municipal Bond Index<SUP>+</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_110" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3.88%</FONT>
</P>
</TD>
<TD CLASS="CLASS_110" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4.86%</FONT>
</P>
</TD>
<TD CLASS="CLASS_110" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5.92%</FONT>
</P>
</TD>
<TD CLASS="CLASS_110" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5.72%</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Sources: Lipper Inc. and Deutsche Investment Management Americas Inc.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Net Asset Value and Market Price</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_16">
<TD CLASS="CLASS_109" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_146" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">As of 11/30/05</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_146" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">As of 11/30/04</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_103" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net Asset Value</FONT>
</P>
</TD>
<TD CLASS="CLASS_132" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       12.14</FONT>
</P>
</TD>
<TD CLASS="CLASS_132" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       12.42</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_102" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Market Price</FONT>
</P>
</TD>
<TD CLASS="CLASS_131" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       12.40</FONT>
</P>
</TD>
<TD CLASS="CLASS_131" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       12.03</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Prices and net asset value fluctuate and are not guaranteed.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Distribution Information</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_74" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Twelve Months:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Income Dividends (common shareholders) as of 11/30/05</FONT>
</P>
</TD>
<TD CLASS="CLASS_130" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       .81</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">November Income Dividend (common shareholders)</FONT>
</P>
</TD>
<TD CLASS="CLASS_128" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       .0675</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Current Annualized Distribution Rate (based on Net Asset Value)
as&nbsp;of&nbsp;11/30/05<SUP>++</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_128" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        6.67%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Current Annualized Distribution Rate (based on Market Price)
as&nbsp;of&nbsp;11/30/05<SUP>++</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_128" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        6.53%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Tax Equivalent Distribution Rate (based on Net Asset Value) as
of&nbsp;11/30/05<SUP>++</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_128" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10.26%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_101" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Tax Equivalent Distribution Rate (based on Market Price) as of 11/30/05<SUP>++</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_128" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10.05%</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>(a)</SUP>       Total return based on net asset value reflects changes in the Fund's net asset value during each
period. Total return based on market value reflects changes in market value. Each figure assumes
that dividend and capital gain distributions, if any, were reinvested. These figures will differ
depending upon the level of any discount from or premium to NAV at which the Fund's shares
traded during the period.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>+</SUP> The Lehman Brothers Municipal Bond Index is an unmanaged, unleveraged market-value-weighted
measure of municipal bonds issued across the United States. Index issues have a credit rating of at
least Baa and a maturity of at least two years. Index returns assume reinvestment of dividends and,
unlike Fund returns, do not reflect any fees or expenses. It is not possible to invest directly into an
index.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>++</SUP></FONT></I><FONT SIZE="-2" COLOR="#000000">     <I>Current annualized distribution rate is the latest monthly dividend shown as an annualized
percentage of net asset value/market price on November 30, 2005. Distribution rate simply
measures the level of dividends and is not a complete measure of performance. Tax equivalent
distribution rate is based on the Fund's distribution rate and a marginal income tax rate of 35%.
Distribution rates are historical and will fluctuate.<A NAME="perfsumend" ID="perfsumend"></A></I></FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="pmr" ID="pmr"></A>Portfolio Management Review</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_153" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">Scudder Municipal Income Trust: A Team Approach to Investing</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Deutsche Investment Management Americas Inc. (&quot;DeIM&quot; or the &quot;Advisor&quot;), which
is part of Deutsche Asset Management, is the investment advisor for Scudder
Municipal Income Trust. DeIM and its predecessors have more than 80 years of
experience managing mutual funds and DeIM provides a full range of investment
advisory services to institutional and retail clients. DeIM is also responsible for
selecting brokers and dealers and for negotiating brokerage commissions and dealer
charges.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Deutsche Asset Management is a global asset management organization that offers a
wide range of investing expertise and resources. This well-resourced global
investment platform brings together a wide variety of experience and investment
insight across industries, regions, asset classes and investing styles.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">DeIM is an indirect, wholly owned subsidiary of Deutsche Bank AG. Deutsche Bank
AG is a major global banking institution that is engaged in a wide range of financial
services, including investment management, mutual funds, retail, private and
commercial banking, investment banking and insurance.</FONT>
</P>
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Portfolio Management Team</FONT></H2>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Philip G. Condon</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director of Deutsche Asset Management and Co-Lead Portfolio Manager of the fund.</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">       Joined Deutsche Asset Management in 1983 and the fund team in 1998.</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">       Over 29 years of investment industry experience.</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">       BA and MBA, University of Massachusetts at Amherst.</FONT>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Eleanor R. Brennan, CFA</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director of Deutsche Asset Management and Co-Lead Portfolio Manager of the fund.</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">       Joined Deutsche Asset Management in 1995 and the fund team in 1998.</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">       Over 19 years of investment industry experience.</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">       BS, Ursinus College; MS, Drexel University.</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-1" COLOR="#000000">Philip G. Condon and Eleanor R. Brennan serve as co-lead portfolio managers of
Scudder Municipal Income Trust. In the following interview, Scudder's municipal bond
team discusses the fund's performance for the period and the market environment
for municipal bonds.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">Q:&nbsp;&nbsp;Will you describe the general market environment
during the annual period ended November 30, 2005?</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">A:</FONT></B><FONT COLOR="#000000">&nbsp;&nbsp;</FONT><FONT COLOR="#000000">Municipal bonds and the broad bond market delivered
positive results over the period, as longer-term interest
rates were relatively stable or actually declined despite
Federal Reserve tightening with respect to short-term
rates. The municipal bond market, as measured by the
Lehman Brothers Municipal Bond Index, delivered a total
return of 3.88% for the 12 months ended November 30,
2005.<FONT SIZE="-1"><SUP>1</SUP></FONT> The broader bond market, as measured by the
Lehman Brothers Aggregate Bond Index, delivered a total
return of 2.40% for the same period.<FONT SIZE="-1"><SUP>2</SUP></FONT></FONT>
</P>
<P ALIGN="LEFT">
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>1</SUP><I> The Lehman Brothers Municipal Bond Index is an unmanaged, unleveraged market-value-
weighted measure of municipal bonds issued across the United States. Index issues have a credit
rating of at least Baa and a maturity of at least two years. </I></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>2</SUP><I> The Lehman Brothers Aggregate Bond Index is an unmanaged, unleveraged index representing
domestic taxable investment-grade bonds, with index components for government and corporate
securities, mortgage pass-through securities and asset-backed securities with average maturities of
one year or more. </I></FONT>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">     Index returns assume reinvestment of all distributions and, unlike fund returns, do not include any
fees or expenses. It is not possible to invest directly into an index.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The relationship between supply of and demand for
municipal issues can be an important factor in the
performance of this market. High demand or low supply
can drive municipal bond prices higher, while low demand
or high supply can have the reverse effect. For the period,
the supply of municipal issues coming to market was
heavy, driven in large part by refunding as issuers sought
to take advantage of historically low interest rates. In fact,
through the end of November, municipal issuance in 2005
was on pace to exceed the record for any calendar year.<B> </B>On
the demand side, interest from retail investors was
generally soft because of low yields and concerns about the
potential for a rise in interest rate levels (and decline in
bond prices). Institutions such as insurance companies
and hedge funds continued to support the market, while
mutual fund flows have also been positive, although
largely focused on high-yield vehicles. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">During the 12-month period, the Federal Reserve Board
(the Fed) increased the federal funds rate &#151; the interbank
overnight lending rate and a benchmark for market
interest rates &#151; from 2.00% to 4.00% in eight increments
of 0.25%.</FONT><FONT COLOR="#ffff00"> </FONT><FONT COLOR="#000000">This caused yields on shorter-term bonds,
which are highly sensitive to Fed moves, to rise. Since a
bond's yield moves in the opposite direction of its price,
this meant that prices of short-term bonds generally fell.
Longer term interest rates confounded expectations by
remaining relatively stable in the face of Fed tightening,
with maturities over 15 years experiencing a modest
decline in yield over the fiscal year. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The overall result was that the tax-free yield curve
flattened significantly over the course of the year.<FONT SIZE="-1"><SUP>3</SUP></FONT> On the
municipal bond curve, yields on two-year issues increased
by 105 basis points while bonds with 30-year maturities
experienced a yield decrease of 21 basis points, resulting in
a total flattening of 126 basis points. (100 basis points
equals one percentage point. See the accompanying graph
for a depiction of municipal bond yield changes between
the beginning and end of the period.)</FONT>
</P>
<P ALIGN="LEFT">
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>3</SUP> The yield curve is a graph with a left-to-right line that shows how high or low yields are, from the
shortest to the longest maturities. Typically (and when the yield curve is characterized as &quot;steep,&quot;
this is especially true) the line rises from left to right as investors who are willing to tie up their
money for a longer period are rewarded with higher yields.</FONT></I>
</P>
<P ALIGN="LEFT">
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" BGCOLOR="#000000" ALIGN="JUSTIFY" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY"><B><FONT SIZE="-2" COLOR="#ffffff"><A NAME="yieldcht" ID="yieldcht"></A>AAA Municipal bond yield curve (as of 11/30/04 and 11/30/05)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD ALIGN="LEFT" VALIGN="BOTTOM"><IMG SRC="mit_g10k160.gif" ALT="MIT_g10k160"></TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_63" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">Maturity</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Source: Municipal Market Data</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">This chart is for illustrative purposes only and does not represent the yield of any Scudder product.</FONT></I>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">Q:&nbsp;&nbsp;How did Scudder Municipal Income Trust perform for
the 12-month period ended November 30, 2005?</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">A:</FONT></B><FONT COLOR="#000000">&nbsp;&nbsp;</FONT><FONT COLOR="#000000">Scudder Municipal Income Trust delivered a total
return based on net asset value of 4.45% for the annual
period. The fund posted a return based on market value
of&nbsp;10.15%. Its average peer in the Lipper General
Municipal Debt Funds category for closed-end funds
delivered a total return based on net asset value of 3.29%
for the period.<FONT SIZE="-1"><SUP>4</SUP></FONT> The&nbsp;fund's benchmark, the unmanaged
Lehman Brothers&nbsp;Municipal Bond Index, returned 3.88%.
(Past performance is no guarantee of future results. Please
see page <A HREF="#perfsum">3</A> for more complete performance information.)</FONT>
</P>
<P ALIGN="LEFT">
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>4</SUP><I> The Lipper General Municipal Debt Funds category includes closed-end funds that invest in general
municipal debt issues in the top-four credit grades. Lipper figures represent the average of the total
returns reported by all of the mutual funds designated by Lipper Inc. as falling into the General
Municipal Debt Funds category. For the 1-, 5- and 10-year periods this category's average was
3.29% (266 funds), 5.12% (221 funds) and 4.76% (145 funds), respectively, as of 11/30/05. It is
not possible to invest directly into a Lipper category.</I></FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">Q:&nbsp;&nbsp;How was the fund positioned, and how did this
positioning contribute to its performance for the annual
period ended November 30, 2005?</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#3d0000">A:</FONT></B><FONT COLOR="#000000">&nbsp;&nbsp;</FONT><FONT COLOR="#000000">In managing the fund, we continue to focus strongly
on maintaining an attractive dividend and minimizing
taxable capital gains distributions, while taking a prudent
approach to investing in the municipal market. We do not
focus on trying to predict the overall level of interest rates,
and we attempt to keep the fund's duration and overall
interest rate sensitivity similar to that of its peers and its
benchmark, the Lehman Brothers Municipal Bond Index.<FONT SIZE="-1"><SUP>5</SUP></FONT>
At the same time, we continue to monitor the municipal
yield curve and position the fund's investments along the
curve based upon where we believe the best total return
opportunities lie. In this vein, the fund's performance for
the period would have benefited from greater exposure to
long-term issues, which outperformed as yields fell and
prices rose.</FONT>
</P>
<P ALIGN="LEFT">
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>5</SUP><I> Duration is a measure of bond price volatility. Duration can be defined as the approximate
percentage change in price for a 100-basis-point (one single percentage point) change in market
interest rate levels. A duration of 1.25 years, for example, means that the price of a bond or bond
portfolio should rise by approximately 1.25% for a one-percentage-point drop in interest rates.
And, that it should fall by 1.25% for a one-percentage-point rise in interest rates.</I></FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The fund overall was somewhat conservatively positioned
with respect to the credit quality of the bonds we held,
and this constrained performance a bit as credit spreads
continued to tighten. Our holdings of tobacco-related
issues helped returns as this sector benefited from spread
tightening and refunding activity (which generally results
in an improved credit profile and price increases for
affected issues). Our underexposure to airline-related
issues helped performance as well, as this sector continued
to experience distress in the aftermath of bankruptcy
filings by Delta and Northwest.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">We are currently emphasizing bonds with maturities in the
10-15 year range and that are priced to a call. This
positioning reflects our assessment of the relative
attractiveness from a risk/reward standpoint of different
segments of the municipal market. More broadly, we
believe that municipal bonds are fairly valued relative to
Treasuries and agencies all along the yield curve. </FONT>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">The views expressed in this report reflect those of the portfolio managers only through the
end of the period of the report as stated on the cover. The managers' views are subject to
change at any time based on market and other conditions and should not be construed as
a recommendation.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="portsum" ID="portsum"></A>Portfolio Summary    </FONT><B><FONT SIZE="-1" COLOR="#3d0000">November 30, 2005</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_153" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_77" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Asset Allocation</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_51" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/05</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_51" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/04</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Revenue Bonds</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">54%</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">62%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">ETM/Prerefunded Bonds</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">25%</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">US Government Secured</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15%</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Lease Obligations</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6%</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_119" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_118" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
<TD CLASS="CLASS_118" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_77" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Quality</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_51" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/05</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_51" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/04</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">AAA</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">70%</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">70%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">AA</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4%</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">A</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15%</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">14%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">BBB</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10%</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">BB</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1%</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Not Rated</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">&#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_119" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_118" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
<TD CLASS="CLASS_118" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100%</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_77" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Interest Rate Sensitivity</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_51" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/05</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_51" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/04</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Average Maturity</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5.4 years</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6.8 years</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Duration</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4.7 years</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5.4 years</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_77" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Top Five State Allocations </FONT></B><FONT SIZE="-2" COLOR="#ffffff">(% of Investment Portfolio)</FONT>
</P>
</TD>
<TD CLASS="CLASS_51" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/05</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_51" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">11/30/04</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_63" ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">12%</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11%</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Texas</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11%</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7%</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7%</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_100" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Illinois</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5%</FONT>
</P>
</TD>
<TD CLASS="CLASS_115" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6%</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Asset allocation, quality, interest rate sensitivity and state allocations are subject to change. </FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">The quality ratings represent the lower of Moody's Investors Services, Inc. (&quot;Moody's&quot;) or Standard &amp;
Poor's Corporation (&quot;S&amp;P&quot;) credit ratings. The ratings of Moody's and S&amp;P represent their opinions as
to the quality of the securities they rate. Ratings are relative and subjective and are not absolute
standards of quality. The Fund's credit quality does not remove market risk.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">For more complete details about the Fund's investment portfolio, see page <A HREF="#portfolio">11</A>. A quarterly Fact Sheet
is&nbsp;available upon request. Please see the Additional Information section for contact information.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Following the Fund's fiscal first and third quarter-end, a complete portfolio
holdings listing is filed with the SEC on Form N-Q. The form will be
available on the SEC's Web site at www.sec.gov, and it also may be reviewed
and copied at the SEC's Public Reference Room in Washington, D.C.
Information on the operation of the SEC's Public Reference Room may be
obtained by calling (800)&nbsp;SEC-0330.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="portfolio" ID="portfolio"></A>Investment Portfolio     </FONT><B><FONT SIZE="-1" COLOR="#3d0000">as of November 30, 2005</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_153" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_57" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Principal
Amount ($)</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Value ($)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Municipal Bonds and Notes 153.7%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Alabama 5.2%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Alabama, Port Authority Revenue, Docks Department, AMT,
6.3%, 10/1/2021 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,250,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,595,592</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Camden, AL, Industrial Development Board Revenue, AMT,
Series B, 6.375%, 12/1/2024 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,091,500</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Huntsville, AL, Hospital &amp; Healthcare Revenue, Health Care
Authority, Series A, 5.75%, 6/1/2031 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,768,565</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Huntsville, AL, Water &amp; Sewer Revenue, AMT, 5.75%,
10/1/2011 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,560,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,194,724</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">24,650,381</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Arizona 1.7%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Arizona, Hospital &amp; Healthcare Revenue, Health Facilities
Authority, Catholic Healthcare West, Series A, 6.625%,
7/1/2020 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7,827,260</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">California 18.1%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, Electric Revenue, Department of Water Resources
and Power Supply, Series A, 5.375%, 5/1/2022 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,350,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,104,698</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, Hospital &amp; Healthcare Revenue, Health Facilities
Funding Authority, Adventist Health Systems, Series A,
5.0%, 3/1/2028 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,006,270</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, Special Assessment Revenue, Golden State
Tobacco Securitization Corp.: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.625%, 6/1/2038 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,080,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,900,997</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series 2003-A-1, 6.75%, 6/1/2039 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,730,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,215,956</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, State General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.0%, 12/1/2020 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,600,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,815,602</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.0%, 6/1/2031 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,965,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,137,782</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.125%, 4/1/2024 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,400,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,612,520</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.25%, 12/1/2021 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,215,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,918,813</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.25%, 4/1/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,250,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,538,125</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, State Public Works Board, Lease Revenue,
Department of Mental Health, Series A, 5.5%, 6/1/2021 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,377,450</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, State Revenue Lease, Public Works Board,
Department of Corrections, Series C, 5.5%, 6/1/2021 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,688,175</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">California, State Revenue Lease, Public Works Board,
University of California Projects, Series F, 5.0%, 11/1/2025 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,032,280</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Contra Costa County, CA, Multi-Family Housing Revenue,
Camara Circle Apartments, Series A, AMT, 3.03%*,
12/1/2032, Citibank NA (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">175,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">175,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Elk Grove, CA, Finance Authority, Special Tax Revenue, 5.0%,
9/1/2029 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,157,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Palmdale, CA, Water District Revenue, Certificates of
Participation, 5.0%, 10/1/2034 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,570,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,654,288</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Sacramento County, CA, Airport Revenue, AMT, Series A,
5.9%, 7/1/2024 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,166,100</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">85,501,456</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Colorado 7.0%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Colorado, Hospital &amp; Healthcare Revenue, Portercare
Adventist Health Project, 6.5%, 11/15/2031 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,151,590</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Colorado, Hospital &amp; Healthcare Revenue, Poudre Valley
Health Facilities: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 12/1/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,145,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,647,845</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 12/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,705,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,275,215</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 12/1/2016 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,199,900</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Colorado, Single Family Housing Revenue, AMT, Series B2,
7.25%, 10/1/2031 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">290,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">303,476</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Colorado, Transportation/Tolls Revenue, Anticipation Note,
Prerefunded, 6.0%, 6/15/2011 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,085,200</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Denver, CO, Airport Revenue, AMT, Series A, 6.0%,
11/15/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,481,900</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">33,145,126</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">District of Columbia 7.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">District of Columbia, Core City General Obligation, Series B,
5.5%, 6/1/2011 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">20,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">21,840,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">District of Columbia, ETM, Series A, Prerefunded, 5.5%,
6/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">640,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">686,637</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">District of Columbia, State General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.25%, 6/1/2027 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,830,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,297,423</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 6/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,860,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,987,819</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">35,811,879</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Florida 6.4%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dade County, FL, Airport Revenue, AMT, Series A, 5.75%,
10/1/2026 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,467,220</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dade County, FL, Special Assessment Revenue: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, Prerefunded, Zero Coupon, 10/1/2022 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,735,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,995,147</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, Prerefunded, Zero Coupon, 10/1/2024 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16,955,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,782,503</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hillsborough County, FL, Industrial Development Revenue,
University Community Hospital Project, Series A, 5.625%,
8/15/2023 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,024,800</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Miami-Dade County, FL, Transportation/Tolls Revenue,
Expressway Authority: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 7/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,665,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,846,618</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 7/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,109,080</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Orange County, FL, Health Facilities Authority Revenue,
Orlando Regional Healthcare System, 5.75%, 12/1/2032 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,055,630</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Palm Beach County, FL, School District Revenue Lease,
Series&nbsp;A, Prerefunded, 5.75%, 8/1/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,850,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,148,765</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">30,429,763</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Georgia 0.9%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Atlanta, GA, Water &amp; Wastewater Revenue, Water Utilities
Improvements, 5.0%, 11/1/2024 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,176,840</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Monroe County, GA, Development Authority Pollution
Control Revenue, Oglethorpe Power Corp. Project, 3.0%*,
1/1/2018 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">4,276,840</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Hawaii 7.4%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hawaii, Airport System Revenue, AMT, Series B, 6.5%,
7/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,800,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,853,272</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hawaii, Electric Revenue, Department of Budget &amp; Finance,
AMT: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series D, 6.15%, 1/1/2020 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,195,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,354,379</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.2%, 5/1/2026 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,200,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">13,473,900</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hawaii, Port Authority Revenue, AMT: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 7/1/2011 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,950,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,238,304</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 7/1/2012 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,135,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,425,489</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Hawaii, State General Obligation, Series CT, Prerefunded,
5.75%, 9/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,310,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,515,867</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">34,861,211</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Idaho 0.1%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Idaho, Single Family Housing Revenue, AMT, Series C2, 6.9%,
7/1/2025 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">230,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">230,313</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Illinois 7.9%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chicago, IL, Airport Revenue, O'Hare International Airport,
AMT, 5.5%, 1/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,666,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chicago, IL, Core City General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, Prerefunded, 6.0%, 1/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,085,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,320,396</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, Prerefunded, 6.125%, 1/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,236,300</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.125%, 1/1/2016 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,236,300</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chicago, IL, Other General Obligation, Neighborhoods Alive
21 Project: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, Prerefunded, 6.0%, 1/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,112,900</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.0%, 1/1/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,112,900</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Illinois, Development Finance Authority, Hospital Revenue,
Adventist Health System, Sunbelt Obligation, 5.5%,
11/15/2020 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,607,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Illinois, Health Facilities Authority Revenue, Children's
Memorial Hospital, Series A, Prerefunded, 5.625%,
8/15/2019 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,324,520</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Illinois, Higher Education Revenue, DePaul University,
Educational Facilities Authority: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 5.625%, 10/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,695,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,965,982</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 5.625%, 10/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,710,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,881,940</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Illinois, Sales &amp; Special Tax Revenue, Metropolitan Pier &amp;
Exposition Authority: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, ETM, 5.5%, 6/15/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,955,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,213,295</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 6/15/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,555,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,745,177</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Will County, IL, Industrial Development Revenue, Mobil Oil
Refining Corp. Project, AMT, 6.0%, 2/1/2027 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,066,860</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">37,490,370</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Indiana 1.1%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Indiana, Hospital &amp; Healthcare Revenue, Health Facilities
Authority, 5.5%, 11/1/2031 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5,199,300</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Kansas 0.7%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Overland Park, KS, Industrial Development Revenue, Series A,
7.375%, 1/1/2032 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">3,258,630</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Kentucky 1.4%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Breckinridge County, KY, Lease Program Revenue, Kentucky
Association of Counties Leasing Trust, Series A, 3.0%*,
2/1/2032, US Bank NA (b) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">89,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">89,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Kentucky, Hospital &amp; Healthcare Revenue, Economic
Development Finance Authority, Norton Healthcare, Inc.: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.5%, 10/1/2020 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,184,900</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.625%, 10/1/2028 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,348,600</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">6,622,500</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Louisiana 0.5%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Louisiana, Electric Revenue, 5.75%, 1/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">2,215,980</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Maine 1.7%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Maine, Hospital &amp; Healthcare Revenue, Series D, 5.7%,
7/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,550,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,568,492</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Maine, Transportation/Tolls Revenue, 5.0%, 7/1/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,165,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,434,657</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">8,003,149</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Maryland 0.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Maryland, Hospital &amp; Healthcare Revenue, University of
Maryland Medical System, 6.75%, 7/1/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">2,856,450</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Massachusetts 3.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Massachusetts, Airport Revenue, AMT, Series B, 5.5%,
7/1/2009 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,488,880</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Massachusetts, Airport Revenue, U.S. Airways, Inc. Project,
AMT, Series A, 5.875%, 9/1/2023 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,167,650</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Massachusetts, Port Authority Revenue, AMT, Series B, 5.5%,
7/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,163,650</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">16,820,180</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Michigan 2.2%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chippewa County, MI, Hospital &amp; Healthcare Revenue,
Chippewa County War Memorial, Series B, 5.625%,
11/1/2014 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,519,095</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Michigan, Industrial Development Revenue: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.5%, 6/1/2018 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,425,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,709,857</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.75%, 6/1/2016 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,640,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,073,887</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10,302,839</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Minnesota 1.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Minneapolis &amp; St. Paul, MN, Airport Revenue, AMT, Series B,
6.0%, 1/1/2012 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,395,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,747,611</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Minneapolis &amp; St. Paul, MN, Port Authority Revenue, AMT,
Series B, 5.625%, 1/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,648,225</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">7,395,836</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Missouri 1.1%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Missouri, Hospital &amp; Healthcare Revenue, Lake of the Ozarks
General Hospital: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.5%, 2/15/2021 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">760,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">780,018</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.5%, 2/15/2021 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">365,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">373,428</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">St. Louis, MO, Industrial Development Authority Revenue, St.
Louis Convention Center: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">AMT, Series A, 6.875%, 12/15/2020 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,142,205</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">AMT, Series A, 7.2%, 12/15/2028 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,046,240</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">5,341,891</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Nevada 2.4%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Las Vegas, NV, Core City General Obligation, Water &amp; Sewer
Revenue, 5.375%, 4/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,705,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,919,452</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Nevada, State General Obligation, Capital Improvement and
Cultural Affairs Project, Series A, 5.5%, 2/1/2014 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,575,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,758,237</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Washoe County, NV, School District General Obligation,
Prerefunded, 5.75%, 6/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,450,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,911,724</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">11,589,413</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">New Jersey 11.0%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey, Casino Reinvestment Development Authority,
Hotel Room Fee Revenue, 5.0%, 1/1/2025 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,160,520</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey, Economic Development Authority Revenue,
Cigarette Tax, 5.75%, 6/15/2034 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,090,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,138,156</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey, Hospital &amp; Healthcare Revenue, General Hospital
Center at Passaic, ETM, 6.75%, 7/1/2019 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,091,100</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey, Industrial Development Revenue, American
Water Co., Inc. Project, AMT, Series A, 6.875%, 11/1/2034
(a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,775,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,913,136</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey, Industrial Development Revenue, Economic
Development Authority, Harrogate, Inc., Series A, 5.875%,
12/1/2026 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,400,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,423,394</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey, Resource Recovery Revenue, Tobacco Settlement
Financing Corp., 5.75%, 6/1/2032 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,350,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,406,870</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey, State Agency General Obligation Lease,
Transportation Trust Fund Authority, Series A,
Prerefunded, 5.75%, 6/15/2017 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,951,600</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey, Transportation/Tolls Revenue, Economic
Development Authority, Series A, Prerefunded, 5.75%,
5/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,432,900</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New Jersey, Transportation/Tolls Revenue, Garden State
Parkway Project, Prerefunded, 5.6%, 1/1/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,711,600</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">52,229,276</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">New York 16.9%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Nassau County, NY, Hospital &amp; Healthcare, 6.0%, 8/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,390,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,749,882</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, State Agency General Obligation Lease, Higher
Education Revenue, Dormitory Authority, Bronx-Lebanon,
Hospital Center, Series E, 5.2%, 2/15/2016 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,770,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,833,224</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, State Agency General Obligation Lease, Higher
Education Revenue, Dormitory Authority, City University,
Series A, 5.625%, 7/1/2016 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,678,785</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, State Agency General Obligation Lease, Higher
Education Revenue, Dormitory Authority, Jamaica
Hospital, Series F, 5.2%, 2/15/2016 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,035,720</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, State General Obligation, Tobacco Settlement
Financing Corp.: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A-1, 5.25%, 6/1/2022 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,646,600</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A-1, 5.5%, 6/1/2019 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,900,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,070,943</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series C-1, 5.5%, 6/1/2019 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,994,835</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, Transportation/Tolls Revenue: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 5.625%, 4/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,396,600</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 5.75%, 4/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,166,460</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York City, NY, Municipal Water Finance Authority, Water
&amp; Sewer System Revenue, Series C, 5.0%, 6/15/2027 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,575,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,850,953</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York City, NY, Transitional Finance Authority, Series A-1,
5.0%, 11/1/2016 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,395,300</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, NY, Core City General Obligation:</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series F, 5.25%, 8/1/2015 (a)</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,380,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">10,842,741</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series F, 5.25% 8/1/2015</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,326,600</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, NY, General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series G, 5.0%, 12/1/2023 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,065,120</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series D, 5.0%, 11/1/2024 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,725,450</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">New York, NY, Sales &amp; Special Tax Revenue, Transitional
Finance Authority: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, Prerefunded, 6.125%, 11/15/2014 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,645,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,840,212</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 6.125%, 11/15/2014 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">355,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">397,128</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, Prerefunded, 6.125%, 11/15/2015 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,356,010</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Niagara Falls, NY, School District General Obligation, 5.6%,
6/15/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,180,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,333,577</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">79,706,140</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">North Carolina 1.7%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Charlotte, NC, Airport Revenue, AMT: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.75%, 7/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,480,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,651,517</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.875%, 7/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,140,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,223,562</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">North Carolina, Electric Revenue, Municipal Power Agency: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series C, 5.375%, 1/1/2017 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,058,450</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 6.375%, 1/1/2013 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,282,630</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">8,216,159</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">North Dakota 0.8%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Grand Forks, ND, Hospital &amp; Healthcare Revenue, Altru
Health Care System, 7.125%, 8/15/2024 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,400,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">3,719,056</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Ohio 1.9%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Green Springs, OH, Senior Care Revenue, St. Francis Health
Care Center Project, Series A, 7.125%, 5/15/2025 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,298,600</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ohio, Higher Education Revenue, University of Findlay
Project: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.125%, 9/1/2016 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,031,580</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.15%, 9/1/2011 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,635,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,665,771</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">8,995,951</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Oregon 3.3%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Oregon, Other Revenue Lease, Department of Administrative
Services: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 5/1/2010 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,245,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,334,463</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.6%, 5/1/2011 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,120,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,207,408</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Oregon, State General Obligation Lease, Department of
Administrative Services, Series A, Prerefunded, 6.25%,
5/1/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,120,160</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Oregon, State Revenue Lease, Department of Administrative
Services, Series A, Prerefunded, 6.25%, 5/1/2018 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,120,160</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Portland, OR, Special Assessment Revenue, Downtown
Waterfront: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.625%, 6/15/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,100,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,386,223</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.75%, 6/15/2018 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,225,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,438,266</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.75%, 6/15/2019 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,820,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,090,297</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">15,696,977</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Pennsylvania 3.2%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Pennsylvania, Hospital &amp; Healthcare Revenue, Economic
Development Financing Authority, UPMC Health System,
Series A, 6.0%, 1/15/2031 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,570,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,785,238</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Pennsylvania, State General Obligation, 5.0%, 1/1/2017 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,620,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,902,034</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Pennsylvania, State University, University &amp; College
Improvement Revenue, 5.0%, 9/1/2029 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">518,925</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Philadelphia, PA, Gas Works Revenue, Series A-1, 5.0%,
9/1/2029 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,133,350</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Philadelphia, PA, Hospitals &amp; Higher Education Facilities
Authority Revenue, Childrens Hospital of Philadelphia,
Series A, 2.98%*, 2/15/2021 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">100,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Philadelphia, PA, Municipal Authority Revenue, Series B,
5.25%, 11/15/2018 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,659,450</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">15,098,997</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Rhode Island 0.9%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Rhode Island, Special Assessment Revenue, Series A, 6.125%,
6/1/2032 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">4,138,440</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">South Carolina 2.6%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Greenwood County, SC, Hospital &amp; Healthcare Revenue,
South Carolina Memorial Hospital, 5.5%, 10/1/2031 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,553,175</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">South Carolina, Hospital &amp; Healthcare Revenue, Jobs
Economic Development Authority, Palmetto Health
Alliance: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series C, 7.0%, 8/1/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,420,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,280,696</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, Prerefunded, 7.375%, 12/15/2021 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,372,420</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">South Carolina, Tobacco Settlement Revenue Management
Authority, Series B, 6.0%, 5/15/2022 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,071,800</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">12,278,091</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Tennessee 2.8%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Memphis-Shelby County, TN, Airport Revenue, AMT, Series D,
6.25%, 3/1/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,690,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,108,442</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Shelby County, TN, Health Educational &amp; Housing Facility
Board, Hospital Revenue, Methodist Health Care: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">EMT, 6.5%, 9/1/2026 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,615,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,045,063</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.5%, 9/1/2026 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,385,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,106,157</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">13,259,662</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Texas 16.8%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Austin, TX, Sales &amp; Special Tax Revenue, Hotel Occupancy Tax: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 11/15/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,190,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,481,725</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 11/15/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,480,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,798,246</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.0%, 11/15/2016 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,625,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,956,506</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Brazos River, TX, Pollution Control Revenue, Brazos River
Authority, Texas Utilities Electric Co. Project, AMT, Series C,
5.75%*, 5/1/2036 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,965,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,219,038</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dallas-Fort Worth, TX, Airport Revenue, International
Airport, AMT, Series A, 5.875%, 11/1/2016 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,052,760</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">El Paso, TX, State General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.875%, 8/15/2012 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,042,290</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.875%, 8/15/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,570,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,636,395</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">5.875%, 8/15/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,665,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,735,413</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Harris County, TX, Health Facilities Development Corp.
Revenue, The Methodist System, Series B, 3.0%*, 12/1/2032 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">500,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Harris County, TX, Hospital &amp; Healthcare Revenue, Health
Facilities Development Corp., Memorial Hermann
Healthcare Systems, Series A, 6.375%, 6/1/2029 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,240,520</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Houston, TX, Airport Revenue, People Mover Project, AMT,
Series A, 5.5%, 7/15/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,300,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,376,659</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Houston, TX, Port Authority Revenue, Airport Revenue, AMT,
Series A, 5.875%, 7/1/2014 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,960,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,269,870</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Red River, TX, School District Revenue Lease, St. Mark's
School Project, 6.0%, 8/15/2019 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,390,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,795,813</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Socorro, TX, Independent School District, 5.0%, 8/15/2025 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,135,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,345,073</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Tarrant County, TX, Hospital &amp; Healthcare Revenue, Health
Facilities Development Corp., 6.7%, 11/15/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,140,575</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Texas, Industrial Development Revenue, Waste Disposal
Authority, AMT, Series A, 6.1%, 8/1/2024 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,123,880</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Texas, State General Obligation, College Student Loans, AMT,
5.0%, 8/1/2021 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,015,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,020,621</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Texas, State Turnpike Authority, Dallas Northway Revenue,
5.5%, 1/1/2015 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">14,605,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">15,472,683</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">79,208,067</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Utah 0.0%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Utah, Single Family Housing Revenue, Housing Finance
Agency, AMT, Series B2, 6.65%, 7/1/2026 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">20,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">20,041</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Washington 5.8%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Seattle, WA, Airport Revenue, AMT, Series B, 6.0%,
2/1/2013&nbsp;(a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">7,355,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">8,151,399</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Seattle, WA, Special Assessment Revenue, AMT: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.5%, 9/1/2011 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,085,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,158,086</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series B, 5.75%, 9/1/2013 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,045,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,124,368</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Skagit County, WA, School District General Obligation,
School District No. 1, Burlington Edison, 5.625%,
12/1/2014&nbsp;(a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,570,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,719,715</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Snohomish County, WA, Electric Revenue, Public Utility
District No. 1, 5.375%, 12/1/2024 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,239,760</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Washington, Electric Revenue, Energy Northwest Columbia
Generating, Series B, 6.0%, 7/1/2018 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,361,770</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Washington, Hospital &amp; Healthcare Revenue, Group Health
Coop of Puget Sound, 5.375%, 12/1/2017 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,500,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">1,601,880</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Washington, State General Obligation: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 7/1/2013 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,138,160</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 5.5%, 7/1/2016 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,835,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">5,169,002</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">27,664,140</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">West Virginia 4.5%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">West Virginia, Hospital &amp; Healthcare Revenue, Hospital
Finance Authority, Charleston Medical Center: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Series A, 6.75%, 9/1/2022 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,355,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,588,239</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">6.75%, 9/1/2030 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">395,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">430,064</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">West Virginia, Hospital Finance Authority, Charleston Medical
Center: </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.75%, 9/1/2022 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">9,645,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11,035,230</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Prerefunded, 6.75% </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">3,605,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,124,625</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">West Virginia, Water &amp; Sewer Revenue, Water Development
Authority, Series B, 5.25%, 11/1/2023 (a) </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,740,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">2,970,051</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">21,148,209</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_108" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Wisconsin 2.3%</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Badger, WI, Tobacco Asset Securitization Corp., 6.125%,
6/1/2027 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,390,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">4,607,919</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Wisconsin, Hospital &amp; Healthcare Revenue, Health &amp;
Education Facilities Authority, Aurora Health Care, Inc.,
Series A, 5.6%, 2/15/2029 </FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,000,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">6,133,020</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_15">
<TD CLASS="CLASS_59" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"> </FONT>
</P>
</TD>
<TD CLASS="CLASS_60" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">10,740,939</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_57" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">% of
Net&nbsp;Assets</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_34" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">Value ($)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_56" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Total Investment Portfolio</B> (Cost $675,241,425)<SUP>+</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        153.7</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     725,950,912</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Other Assets and Liabilities, Net</B></FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2.4</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     11,399,367</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_12">
<TD CLASS="CLASS_31" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Preferred Stock, at Redemption Value</B></FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (56.1)</FONT>
</P>
</TD>
<TD CLASS="CLASS_47" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (265,000,000)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_55" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Net Assets Applicable to Common Shareholders </B></FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        100.0</FONT>
</P>
</TD>
<TD CLASS="CLASS_46" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     472,350,279</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">*    Variable rate demand notes are securities whose interest rates are reset periodically at market
levels. These securities are often payable on demand and are shown at their current rates as of
November 30, 2005.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>+</SUP> The cost for federal income tax purposes was $674,891,371. At November 30, 2005, net
unrealized appreciation for all securities based on tax cost was $51,059,541. This consisted of
aggregate gross unrealized appreciation for all securities in which there was an excess of value
over tax cost of $53,086,243 and aggregate gross unrealized depreciation for all securities in
which there was an excess of tax cost over value of $2,026,702.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">(a)  Bond is insured by one of these companies:</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_10">
<TD CLASS="CLASS_137" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Insurance Coverage</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_33" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#000000">As a % of Total
Investment Portfolio</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_99" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ambac Financial Group</FONT>
</P>
</TD>
<TD CLASS="CLASS_114" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16.7</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Financial Guaranty Insurance Company</FONT>
</P>
</TD>
<TD CLASS="CLASS_113" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">11.7</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Financial Security Assurance Inc.</FONT>
</P>
</TD>
<TD CLASS="CLASS_113" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">16.1</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_11">
<TD CLASS="CLASS_98" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">MBIA Corp.</FONT>
</P>
</TD>
<TD CLASS="CLASS_113" ALIGN="RIGHT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="RIGHT"><FONT SIZE="-2" COLOR="#000000">14.0</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">(b)  Security incorporates a letter of credit from a major bank.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">AMT: Subject to alternative minimum tax.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">ETM: Bonds bearing the description ETM (escrowed to maturity) are collateralized by US Treasury
securities which are held in escrow and used to pay principal and interest on bonds so designated.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Prerefunded: Bonds which are prerefunded are collateralized by US Treasury securities which are held
in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full
at the earliest refunding date.</FONT></I>
</P>
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="fins" ID="fins"></A>Financial Statements</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_153" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Statement of Assets and Liabilities </FONT></B><FONT SIZE="-2" COLOR="#ffffff">as of November 30, 2005</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_104" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Assets</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Investments in securities, at value (cost $675,241,425)</FONT>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       725,950,912</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Receivable for investments sold</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        6,419,750</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Interest receivable</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        12,568,974</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Other assets</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        18,540</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_97" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total assets</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        744,958,176</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_104" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Liabilities</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Due to custodian bank</FONT>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        2,604,935</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Payable for investments purchased</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        3,916,949</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dividends payable</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        270,827</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Accrued management fee</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        335,407</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Other accrued expenses and payables</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        479,779</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_97" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total liabilities</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7,607,897</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_97" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Remarketed preferred shares, at redemption value</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     265,000,000</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_97" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net assets applicable to common shareholders</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    472,350,279</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_104" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Net Assets</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net assets applicable to common shareholders consist of:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Distributions in excess of net investment income</FONT>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (67,064)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) on investments</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        50,709,487</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Accumulated net realized gain (loss)</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (5,704,642)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Paid-in capital</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        427,412,498</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_97" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net assets applicable to common shareholders</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    472,350,279</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_104" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Net Asset Value</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><B>Net Asset Value</B> per common share ($472,350,279&nbsp;&divide;&nbsp;38,919,429
outstanding shares of beneficial interest, $.01&nbsp;par value, unlimited
number of shares authorized)</FONT>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.14</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Statement of Operations </FONT></B><FONT SIZE="-2" COLOR="#ffffff">for the year ended November 30, 2005 </FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_107" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Investment Income</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Income:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Interest</FONT>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       39,114,820</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Expenses:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Management fee</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4,113,360</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Services to shareholders</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        78,893</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Custodian fees</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        22,483</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Auditing</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        53,875</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Legal</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        30,801</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustees' fees and expenses</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        35,058</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Reports to shareholders</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        200,008</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Remarketing agent fee</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        579,473</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Stock exchange listing fees</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        35,432</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Other</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        185,017</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_97" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total expenses, before expense reductions</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,334,400</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_97" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Expense reductions</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (2,875)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_97" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Total expenses, after expense reductions</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,331,525</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_97" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net investment income </FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     33,783,295</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_104" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Realized and Unrealized Gain (Loss) on Investment Transactions</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_35" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized gain (loss) from investments</FONT>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,509,984</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_96" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) during the period on
investments</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (8,263,600)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_97" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net gain (loss) on investment transactions</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (6,753,616)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_97" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Dividends on remarketed preferred shares</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (6,445,486)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_97" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net increase (decrease) in net assets resulting from operations</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    20,584,193</FONT></B>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Statement of Changes in Net Assets</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM" ROWSPAN="2">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Increase (Decrease) in Net Assets</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_145" ALIGN="CENTER" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Years Ended November 30,</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_144" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2005</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_144" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2004</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_94" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Operations:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net investment income </FONT>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       33,783,295</FONT>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       34,687,112</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized gain (loss) on investment transactions</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,509,984</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        3,351,025</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) during the
period on investment transactions</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (8,263,600)</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (10,049,752)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Dividends on remarketed preferred shares</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (6,445,486)</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (3,295,705)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net increase (decrease) in net assets resulting from
operations</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        20,584,193</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        24,692,680</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Distributions to common shareholders from:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net investment income</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (31,467,994)</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (31,454,429)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Fund share transactions:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net proceeds from shares issued to common
shareholders in reinvestment of distributions</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,067,843</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net increase (decrease) in net assets from Fund share
transactions</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1,067,843</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Increase (decrease) in net assets</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (9,815,958)</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (6,761,749)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net assets at beginning of period</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        482,166,237</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        488,927,986</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_95" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net assets at end of period (including distributions in
excess of net investment income and undistributed net
investment income of $67,064 and $4,224,233,
respectively)</FONT>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    472,350,279</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_44" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    482,166,237</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_106" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Other Information</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_143" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_143" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_94" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Common shares outstanding at beginning of period</FONT>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,832,628</FONT>
</P>
</TD>
<TD CLASS="CLASS_45" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,832,628</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Shares issued to common shareholders in reinvestment
of distributions</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        86,801</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_93" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Common shares outstanding at end of period</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,919,429</FONT>
</P>
</TD>
<TD CLASS="CLASS_127" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        38,832,628</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT">
</P>
<P ALIGN="CENTER"><I><FONT SIZE="-2" COLOR="#000000">The accompanying notes are an integral part of the financial statements.</FONT></I>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="high" ID="high"></A>Financial Highlights</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_153" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_79" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="MIDDLE">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Years Ended November&nbsp;30,</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_50" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2005</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_48" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2004</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_48" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2003</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_48" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2002<SUP>a</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_48" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2001<SUP>b</SUP></FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_104" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="6">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Selected Per Share Data</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_151" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net asset value, beginning of period</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_43" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.42</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.59</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.18</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.87</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.30</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_36" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Income (loss) from investment operations:</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net investment income<SUP>c</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_41" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .87</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .89</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .92</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .91</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .91</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_37" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized and unrealized gain (loss) on
investment transactions</FONT>
</P>
</TD>
<TD CLASS="CLASS_126" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.17)</FONT>
</P>
</TD>
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.16)</FONT>
</P>
</TD>
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .36</FONT>
</P>
</TD>
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .22</FONT>
</P>
</TD>
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .59</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_37" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Dividends on remarketed preferred shares
(common share equivalent):</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">From net investment income</FONT>
</P>
</TD>
<TD CLASS="CLASS_126" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.17)</FONT>
</P>
</TD>
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.09)</FONT>
</P>
</TD>
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.07)</FONT>
</P>
</TD>
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.10)</FONT>
</P>
</TD>
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.21)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_39" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Total from investment operations</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_41" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .53</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .64</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.21</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.03</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.29</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_36" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">Less distributions from:</FONT></I>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net investment income to common
shareholders</FONT>
</P>
</TD>
<TD CLASS="CLASS_41" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.81)</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.81)</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.79)</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.72)</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.72)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_37" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net realized gains on investment
transactions to common shareholders</FONT>
</P>
</TD>
<TD CLASS="CLASS_126" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        (.01)</FONT>
</P>
</TD>
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        &#151;</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_36" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Total distributions to common
shareholders</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_41" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (.81)</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (.81)</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (.80)</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (.72)</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">     (.72)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_36" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Net asset value, end of period</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_41" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.14</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.42</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.59</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.18</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.87</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_36" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Market value, end of period</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_41" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.40</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    12.03</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.96</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.06</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">$    11.37</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_104" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="6">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Total Return </FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_92" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Based on net asset value (%)<SUP>d</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_43" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.45</FONT>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5.50</FONT>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10.53</FONT>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        9.36</FONT>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        11.93</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_36" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Based on market value (%)<SUP>d</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_41" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10.15</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.57</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        15.63</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        3.76</FONT>
</P>
</TD>
<TD CLASS="CLASS_40" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        18.10</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_76" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="MIDDLE">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Years Ended November&nbsp;30,
</FONT></B><FONT SIZE="-2" COLOR="#ffffff">(continued)</FONT>
</P>
</TD>
<TD CLASS="CLASS_49" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2005</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_49" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2004</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_49" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2003</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_49" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2002<SUP>a</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_48" BGCOLOR="#000000" ALIGN="CENTER" VALIGN="MIDDLE">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#ffffff">2001<SUP>b</SUP></FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_13">
<TD CLASS="CLASS_104" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="6">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Ratios to Average Net Assets and Supplemental Data</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_91" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net assets, end of period ($&nbsp;millions)</FONT>
</P>
</TD>
<TD CLASS="CLASS_125" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        472</FONT>
</P>
</TD>
<TD CLASS="CLASS_125" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        482</FONT>
</P>
</TD>
<TD CLASS="CLASS_125" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        489</FONT>
</P>
</TD>
<TD CLASS="CLASS_125" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        473</FONT>
</P>
</TD>
<TD CLASS="CLASS_42" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        461</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_53" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ratio of expenses (%) (based on net assets
of common shares) &nbsp;</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.10</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.06</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.05</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.07</FONT>
</P>
</TD>
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        1.09</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_53" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ratio of expenses &nbsp;(%) (based on net assets
of common and remarketed preferred
shares) </FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .71</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .68</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .68</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .69</FONT>
</P>
</TD>
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        .69</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_53" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ratio of net investment income &nbsp;(%)
(based on net assets of common shares)</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.00</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.15</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.35</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.51</FONT>
</P>
</TD>
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7.72</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_53" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Ratio of net investment income &nbsp;(%)
(based on net assets of common and
remarketed preferred shares) </FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.52</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.62</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.75</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.80</FONT>
</P>
</TD>
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        4.90</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_53" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Portfolio turnover rate&nbsp;(%)</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        16</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        25</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        7</FONT>
</P>
</TD>
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        10</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_53" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Remarketed preferred shares information
at end of period:</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Aggregate amount outstanding
($&nbsp;millions)</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        265</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_53" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Asset coverage per share ($)<SUP>e</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,912</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        14,097</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        14,225</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,900</FONT>
</P>
</TD>
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        13,700</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_53" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Liquidation and market value per share ($)</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_124" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
<TD CLASS="CLASS_123" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">        5,000</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_14">
<TD CLASS="CLASS_135" ALIGN="LEFT" VALIGN="BOTTOM" COLSPAN="6">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>a       </SUP>As required, effective December 1, 2001, the Fund has adopted the provisions of the AICPA Audit
and Accounting Guide for Investment Companies and began accreting market discount on debt
securities. The effect of this change for the year ended November 30, 2002 was to increase net
investment income by an amount less than $.005 and decrease net realized and unrealized gain
(loss) per share by an amount less than $.005. Per share data and ratios for periods prior to
December&nbsp;1, 2001 have not been restated to reflect this change in presentation.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>b</SUP> In 2001 the Fund changed its method of classifying remarketed preferred shares.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>c</SUP> Based on average common shares outstanding during the period.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>d       </SUP>Total return based on net asset value reflects changes in the Fund's net asset value during the
period. Total return based on market value reflects changes in market value. Each figure includes
reinvestment of dividends. These figures will differ depending upon the level of any discount from
or premium to net asset value at which the Fund's shares trade during the period.</FONT></I>
</P>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000"><SUP>e</SUP> Asset coverage per share equals net assets of common shares plus the redemption value of the
remarketed preferred shares divided by the total number of remarketed preferred shares
outstanding at the end of the period.</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="notes" ID="notes"></A>Notes to Financial Statements    </FONT><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_153" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">A. Significant Accounting Policies</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Scudder Municipal Income Trust (the ``Fund'') is registered under the Investment
Company Act of 1940, as amended (the ``1940 Act''), as a closed-end, diversified
management investment company organized as a Massachusetts business trust.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Fund's financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America which require the use of
management estimates. Actual results could differ from those estimates. The policies
described below are followed consistently by the Fund in the preparation of its
financial statements.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Security Valuation.</FONT></B> Investments are stated at value determined as of the close of
regular trading on the New York Stock Exchange on each day the exchange is open
for trading. Debt securities are valued by independent pricing services approved by
the Trustees of the Fund, whose valuations are intended to reflect the mean between
the bid and asked prices. If the pricing services are unable to provide valuations, the
securities are valued at the average of the means based on the most recent bid
quotation and asked or evaluated price obtained from two broker-dealers. Such
services may use various pricing techniques which take into account appropriate
factors such as yield, quality, coupon rate, maturity, type of issue, trading
characteristics and other data, as well as broker quotes. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Money market instruments purchased with an original or remaining maturity of sixty
days or less, maturing at par, are valued at amortized cost. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Securities and other assets for which market quotations are not readily available or for
which the above valuation procedures are deemed not to reflect fair value are valued
in a manner that is intended to reflect their fair value as determined in accordance
with procedures approved by the Trustees.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Federal Income Taxes.</FONT></B> The Fund's policy is to comply with the requirements of the
Internal Revenue Code, as amended, which are applicable to regulated investment
companies, and to distribute all of its taxable and tax-exempt income to its
shareholders. Accordingly, the Fund paid no federal income taxes and no federal
income tax provision was required. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">During the year ended November 30, 2005 the Fund utilized approximately
$1,483,000 of prior year capital loss carryforwards. At November 30, 2005, the Fund
had a net tax basis capital loss carryforward of approximately $5,746,000 which may
be applied against any realized net taxable capital gains of each succeeding year until
fully utilized or until November 30, 2007 ($821,000), November 30, 2008
($3,602,000) and November&nbsp;30, 2011 ($1,323,000), the respective expiration dates,
whichever occurs first.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Distribution of Income and Gains.</FONT></B> Net investment income of the Fund is declared
and distributed to shareholders monthly. Net realized gains from investment
transactions, in excess of available capital loss carryforwards, would be taxable to the
Fund if not distributed, and, therefore, will be distributed to shareholders at least
annually.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The timing and characterization of certain income and capital gains distributions are
determined annually in accordance with federal tax regulations which may differ
from accounting principles generally accepted in the United States of America. These
differences primarily relate to certain securities sold at a loss and accretion of market
discount on debt securities. As a result, net investment income (loss) and net realized
gain (loss) on investment transactions for a reporting period may differ significantly
from distributions during such period. Accordingly, the Fund may periodically make
reclassifications among certain of its capital accounts without impacting the net asset
value of the Fund.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">At November 30, 2005, the Fund's components of distributable earnings
(accumulated losses) on a tax-basis were as follows:</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_9">
<TD CLASS="CLASS_90" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Undistributed tax-exempt income</FONT>
</P>
</TD>
<TD CLASS="CLASS_122" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       238,722</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Capital loss carryforwards</FONT>
</P>
</TD>
<TD CLASS="CLASS_121" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       (5,746,000)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_89" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Net unrealized appreciation (depreciation) on investments</FONT>
</P>
</TD>
<TD CLASS="CLASS_121" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       51,059,541</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT COLOR="#000000">In addition, the tax character of distributions paid to shareholders by the Fund is
summarized as follows:</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_8">
<TR CLASS="CLASS_10">
<TD CLASS="CLASS_141" ALIGN="JUSTIFY" VALIGN="BOTTOM">
<P ALIGN="JUSTIFY"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_142" ALIGN="CENTER" VALIGN="BOTTOM" COLSPAN="2">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">Years Ended November 30,</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_10">
<TD CLASS="CLASS_141" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
<TD CLASS="CLASS_140" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2005</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_140" ALIGN="CENTER" VALIGN="BOTTOM">
<P ALIGN="CENTER"><B><FONT SIZE="-2" COLOR="#000000">2004</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_88" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Distributions from ordinary income<SUP>*</SUP></FONT>
</P>
</TD>
<TD CLASS="CLASS_121" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       &#151;</FONT>
</P>
</TD>
<TD CLASS="CLASS_121" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       239,756</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_9">
<TD CLASS="CLASS_88" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Distributions from tax-exempt income</FONT>
</P>
</TD>
<TD CLASS="CLASS_121" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       37,913,480</FONT>
</P>
</TD>
<TD CLASS="CLASS_121" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">$       34,510,378</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><I><FONT SIZE="-2" COLOR="#000000">*    For tax purposes, short-term capital gains distributions are considered ordinary taxable income
distributions.</FONT></I>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Remarketed Preferred Shares.</FONT></B> The Fund has issued and outstanding 10,800
Series&nbsp;A, 10,700 Series B, 10,800 Series C, 10,700 Series D and 10,000 Series E
remarketed preferred shares, each at a liquidation value of $5,000 per share. The
preferred shares are senior to and have certain class specific preferences over the
common shares. The dividend rate on each series is set by the remarketing agent, and
the dividends are generally paid every 28 days. The remarketing agent will pay each
broker-dealer a service charge from funds provided by the Fund (remarketing agent
fee). The 1940 Act requires that the preferred shareholders of the Fund, voting as a
separate class, have the right to: a)&nbsp;elect at least two trustees at all times, and b) elect a
majority of the trustees at any time when dividends on the preferred shares are
unpaid for two full years. Unless otherwise required by law or under the terms of the
preferred shares designation statement, each preferred share is entitled to one vote
and preferred shareholders will vote together with common shareholders as a single
class and have the same voting rights.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Contingencies.</FONT></B><FONT COLOR="#000000"> In the normal course of business, the Fund may enter into contracts
with service providers that contain general indemnification clauses. The Fund's
maximum exposure under these arrangements is unknown as this would involve
future claims that may be made against the Fund that have not yet been made.
However, based on experience, the Fund expects the risk of loss to be remote.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Other. </FONT></B>Investment transactions are accounted for on a trade date plus one basis for
daily net asset value calculations. However, for financial reporting purposes,
investment transactions are reported on trade date. Interest income is recorded on the
accrual basis. Realized gains and losses from investment transactions are recorded on
an identified cost basis. All premiums and discounts are amortized/accreted for
financial reporting purposes, with the exception of securities in default of principal.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">B. Purchases and Sales of Securities</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">During the year ended November 30, 2005, purchases and sales of investment
securities (excluding short-term investments) aggregated $115,575,635 and
$119,296,693, respectively.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">C. Related Parties</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Management Agreement.</FONT></B> Under the Management Agreement with Deutsche
Investment Management Americas Inc. (&quot;DeIM&quot; or the &quot;Advisor&quot;), an indirect,
wholly owned subsidiary of Deutsche Bank AG, the Advisor directs the investments
of the Fund in accordance with its investment objectives, policies and restrictions.
The Advisor determines the securities, instruments and other contracts relating to
investments to be purchased, sold or entered into by the Fund. In addition to
portfolio management services, the Advisor provides certain administrative services in
accordance with the Management Agreement. The Fund pays a monthly investment
management fee of 1/12 of the annual rate of 0.55% of the Fund's average weekly net
assets, of common shares plus the value of remarketed preferred shares, at redemption
value, computed and accrued daily and payable monthly.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Service Provider Fees.</FONT></B> Scudder Investments Service Company (&quot;SISC&quot;), an affiliate
of the Advisor, is the transfer agent, dividend-paying agent and shareholder service
agent for the Fund. Pursuant to a sub-transfer agency agreement between SISC and
DST Systems, Inc. (&quot;DST&quot;), SISC has delegated certain transfer agent and dividend
paying agent functions to DST. SISC compensates DST out of the shareholder
servicing fee it receives from the Fund. For the year ended November 30, 2005, the
amount charged&nbsp;to the Fund by SISC aggregated $29,165, of which $5,282 is
unpaid at November&nbsp;30, 2005.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Typesetting and Filing Service Fees.</FONT></B> Under an agreement with DeIM, the Advisor
is compensated for providing typesetting and regulatory filing services to the Fund.
For the year ended November 30, 2005, the amount charged to the Fund by DeIM
included in the reports to shareholders aggregated $8,800, of which $4,400 is unpaid
at November 30, 2005.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Trustees' Fees and Expenses.</FONT></B> The Fund paid each Trustee not affiliated with the
Advisor retainer fees plus specified amounts for attended board and committee
meetings.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Other Related Parties.</FONT></B> Deutsche Bank Trust Co. Americas, an affiliate of the
Advisor, is the transfer agent for the preferred shares of the Fund. For the year ended
November 30, 2005, the amount charged to the Fund by Deutsche Bank Trust Co.
Americas aggregated $31,000, all of which has been paid.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">D. Expense Reductions</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">For the year ended November 30, 2005, the Advisor agreed to reimburse the Fund
$2,683, which represents a portion of the fee savings expected to be realized by the
Advisor related to the outsourcing by the Advisor of certain administrative services to
an unaffiliated service provider.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">In addition, the Fund has entered into an arrangement with its custodian whereby
credits realized as a result of uninvested cash balances are used to reduce a portion of
the Fund's custodian expenses. During the year ended November 30, 2005, the
Fund's custodian fees were reduced by $192 for custody credits earned.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">E. Line of Credit </FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Fund and several other affiliated funds (the ``Participants'') share in a $1.1&nbsp;billion
revolving credit facility administered by J.P. Morgan Chase Bank for temporary or
emergency purposes. The Participants are charged an annual commitment fee which
is allocated, based upon net assets, among each of the Participants. Interest is
calculated at the Federal Funds Rate plus 0.5&nbsp;percent. The Fund may borrow up to a
maximum of 33 percent of its net assets under the agreement. </FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">F. Regulatory Matters and Litigation</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Since at least July 2003, federal, state and industry regulators have been conducting
ongoing inquiries and investigations (&quot;inquiries&quot;) into the mutual fund industry, and
have requested information from numerous mutual fund companies, including
Scudder Investments. The funds' advisors have been cooperating in connection with
these inquiries and are in discussions with these regulators concerning proposed
settlements. Publicity about mutual fund practices arising from these industry-wide
inquiries serves as the general basis of a number of private lawsuits against the
Scudder funds. These lawsuits, which previously have been reported in the press,
involve purported class action and derivative lawsuits, making various allegations and
naming as defendants various persons, including certain Scudder funds, the funds'
investment advisors and their affiliates, and certain individuals, including in some
cases fund Trustees/Directors, officers, and other parties. Each Scudder fund's
investment advisor has agreed to indemnify the applicable Scudder funds in
connection with these lawsuits, or other lawsuits or regulatory actions that may be
filed making allegations similar to these lawsuits regarding market timing, revenue
sharing, fund valuation or other subjects arising from or related to the pending
inquiries. It is not possible to determine with certainty what the outcome of these
inquiries will be or what the effect, if any, would be on the funds or their advisors.
Based on currently available information, however, the funds' investment advisors
believe the likelihood that the pending lawsuits and any regulatory settlements will
have a material adverse financial impact on a Scudder fund is remote and such
actions are not likely to materially affect their ability to perform under their
investment management agreements with the Scudder funds. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">In connection with litigation or regulatory action related to possible improper market
timing or other improper trading activity or possible improper marketing and sales
activity in the Fund, the Fund's investment advisor has agreed, subject to applicable
law and regulation, to indemnify and hold harmless the applicable Funds against any
and all loss, damage, liability and expense, arising from market timing or marketing
and sales matters alleged in any enforcement actions brought by governmental
authorities involving or potentially affecting the Fund or the investment advisor
(&quot;Enforcement Actions&quot;) or that are the basis for private actions brought by
shareholders of the Fund against the Fund, their directors and officers, the Fund's
investment advisor and/or certain other parties (&quot;Private Litigation&quot;), or any
proceedings or actions that may be threatened or commenced in the future by any
person (including governmental authorities), arising from or similar to the matters
alleged in the Enforcement Actions or Private Litigation. In recognition of its
undertaking to indemnify the applicable Funds and in light of the rebuttable
presumption generally afforded to independent directors/trustees of investment
companies that they have not engaged in disabling conduct, the Fund's investment
advisor has also agreed, subject to applicable law and regulation, to indemnify the
applicable Funds' Independent Trustees against certain liabilities the Independent
Trustees may incur from the matters alleged in any Enforcement Actions or Private
Litigation or arising from or similar to the matters alleged in the Enforcement
Actions or Private Litigation, and advance expenses that may be incurred by the
Independent Trustees in connection with any Enforcement Actions or Private
Litigation. The applicable investment advisor is not, however, required to provide
indemnification and advancement of expenses: (1) with respect to any proceeding or
action with respect to which the applicable Fund's Board determines that the
Independent Trustee ultimately would not be entitled to indemnification or (2) for
any liability of the Independent Trustee to the Fund or their shareholders to which
the Independent Trustee would otherwise be subject by reason of willful misfeasance,
bad faith, gross negligence or reckless disregard of the Independent Trustee's duties as
a director or trustee of the Fund as determined in a final adjudication in such action
or proceeding. The estimated amount of any expenses that may be advanced to the
Independent Trustees or indemnity that may be payable under the indemnity
agreements is currently unknown. These agreements by the Fund's investment
advisor will survive the termination of the investment management agreements
between the applicable investment advisor and the Fund.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">G. Subsequent Event</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Effective February 6, 2006, Scudder Investments will change its name to DWS
Scudder and the Scudder funds will be renamed DWS funds. Scudder Municipal
Income Trust will be renamed DWS Municipal Income Trust. The DWS Scudder
name represents the alignment of Scudder with all of Deutsche Bank's mutual fund
operations around the globe. The Web site for all Scudder funds will change to
www.dws-scudder.com.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="ria" ID="ria"></A>Report of Independent Registered
Public&nbsp;Accounting Firm</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_153" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">To the Board of Trustees and Shareholders of <BR>
Scudder Municipal Income Trust:</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">We have audited the accompanying statement of assets and liabilities of Scudder
Municipal Income Trust (the &quot;Fund&quot;), including the portfolio of investments, as of
November 30, 2005, and the related statement of operations for the year then ended,
the statement of changes in net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in the period then
ended. These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. We were not
engaged to perform an audit of the Fund's internal control over financial reporting.
Our audits included consideration of internal control over financial reporting as a
basis for designing audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Fund's
internal control over financial reporting. Accordingly, we express no such opinion. An
audit also includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements and financial highlights, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. Our procedures included
confirmation of securities owned as of November 30, 2005,<B> </B>by correspondence with
the custodian and brokers or by other appropriate auditing procedures where replies
from brokers were not received. We believe that our audits provide a reasonable basis
for our opinion. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">In our opinion, the financial statements and financial highlights referred to above
present fairly, in all material respects, the financial position of Scudder Municipal
Income Trust at November 30, 2005, the results of its operations for the year then
ended, the changes in its net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in the period then
ended, in conformity with U.S. generally accepted accounting principles. </FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT COLOR="#000000">Boston, Massachusetts<BR>
January 20,  2006</FONT>
</P>
</TD>
<TD ALIGN="RIGHT" VALIGN="BOTTOM">
<IMG SRC="mit_eny0.gif" ALT="MIT_eny0"></TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="tax" ID="tax"></A>Tax Information      </FONT><B><FONT SIZE="-1" COLOR="#3d0000">(Unaudited)</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_153" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT COLOR="#000000">Of the dividends paid from net investment income for the taxable year ended
November 30, 2005, 100% are designated as exempt interest dividends for
federal income tax purposes.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Please contact a tax advisor if you have questions about federal or state income
tax laws, or on how to prepare your tax returns. If you have specific questions
about your account, please call 1-800-294-4366.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="drip" ID="drip"></A>Dividend Reinvestment&nbsp;Plan</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_153" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">A. Participation </FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">We invite you to review the description of the Dividend Reinvestment Plan (the
``Plan'') which is available to you as a shareholder of Scudder Municipal Income Trust
(the ``Fund''). If you wish to participate and your shares are held in your own name,
simply contact Scudder Investments Service Company, whose address and phone
number are provided in Paragraph E, for the appropriate form. If your shares are held
in the name of a brokerage firm, bank, or other nominee, you must instruct that
nominee to re-register your shares in your name so that you may participate in the
Plan, unless your nominee has made the Plan available on shares held by them.
Shareholders who so elect will be deemed to have appointed UMB Bank, N.A.
(&quot;United Missouri Bank&quot; or &quot;UMB&quot;) as their agent and as agent for the Fund under
the Plan.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">B. Dividend Investment Account</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Fund's transfer agent and dividend disbursing agent or its delegate (the ``Transfer
Agent'') will establish a Dividend Investment Account (the ``Account'') for each
shareholder participating in the Plan. The Transfer Agent will credit to the Account
of each participant funds it receives from the following sources: (a) cash dividends
and capital gains distributions paid on shares of beneficial interest (the ``Shares'') of
the Fund registered in the participant's name on the books of the Fund; and (b) cash
dividends and capital gains distributions paid on Shares registered in the name of the
Transfer Agent but credited to the participant's Account. Sources described in clauses
(a) and (b) of the preceding sentence are hereinafter called ``Distributions.''</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">C. Investment of Distribution Funds Held in Each Account</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">If on the record date for a Distribution (the ``Record Date''), Shares are trading at a
discount from net asset value per Share (according to the evaluation most recently
made on Shares of the Fund), funds credited to a participant's Account will be used
to purchase Shares (the ``Purchase''). UMB will attempt, commencing five days prior
to the Payment Date and ending at the close of business on the Payment Date
(``Payment Date'' as used herein shall mean the last business day of the month in
which such Record Date occurs), to acquire Shares in the open market. If and to the
extent that UMB is unable to acquire sufficient Shares to satisfy the Distribution by
the close of business on the Payment Date, the Fund will issue to UMB Shares valued
at net asset value per Share (according to the evaluation most recently made on
Shares of the Fund) in the aggregate amount of the remaining value of the
Distribution. If, on the Record Date, Shares are trading at a premium over net asset
value per Share, the Fund will issue on the Payment Date, Shares valued at net asset
value per Share on the Record Date to the Transfer Agent in the aggregate amount of
the funds credited to the participants' accounts.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">D. Voluntary Cash Contributions</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">A participant may from time to time make voluntary cash contributions to his
Account by sending to Transfer Agent a check or money order, payable to Transfer
Agent, in a minimum amount of $100 with appropriate accompanying instructions.
(No more than $500 may be contributed per month.) Transfer Agent will inform
UMB of the total funds available for the purchase of Shares and UMB will use the
funds to purchase additional Shares for the participant's Account the earlier of: (a)
when it next purchases Shares as a result of a Distribution or (b) on or shortly after
the first day of each month and in no event more than 30 days after such date except
when temporary curtailment or suspension of purchases is necessary to comply with
applicable provisions of federal securities laws. Cash contributions received more than
fifteen calendar days or less than five calendar days prior to a Payment Date will be
returned uninvested. Interest will not be paid on any uninvested cash contributions.
Participants making voluntary cash investments will be charged a $.75 service fee for
each such investment and will be responsible for their pro rata share of brokerage
commissions.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">E. Additional Information</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Address all notices, correspondence, questions, or other communication regarding
the Plan, or if you would like a copy of the Plan, to:</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Scudder Investments Service Company</FONT></B><BR>
P.O. Box 219066<BR>
Kansas City, Missouri 64121-9066<BR>
1-800-294-4366</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">F. Adjustment of Purchase Price</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Fund will increase the price at which Shares may be issued under the Plan to
95% of the fair market value of the shares on the Record Date if the net asset value
per Share of the Shares on the Record Date is less than 95% of the fair market value
of the Shares on the Record Date.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">G. Determination of Purchase Price</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The cost of Shares and fractional Shares acquired for each participant's Account in
connection with a Purchase shall be determined by the average cost per Share,
including brokerage commissions as described in Paragraph H hereof, of the Shares
acquired by UMB in connection with that Purchase. Shareholders will receive a
confirmation showing the average cost and number of Shares acquired as soon as
practicable after the Transfer Agent has received or UMB has purchased Shares. The
Transfer Agent may mingle the cash in a participant's account with similar funds of
other participants of the Fund for whom UMB acts as agent under the Plan.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">H. Brokerage Charges</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">There will be no brokerage charges with respect to Shares issued directly by the Fund
as a result of Distributions. However, each participant will pay a pro rata share of
brokerage commissions incurred with respect to UMB's open market purchases in
connection with the reinvestment of Distributions. Brokerage charges for purchasing
small amounts of Shares for individual Accounts through the Plan can be expected to
be less than the usual brokerage charges for such transactions, as UMB will be
purchasing Shares for all participants in blocks and prorating the lower commission
thus attainable.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">I. Service Charges</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">There is no service charge by the Transfer Agent or UMB to shareholders who
participate in the Plan other than service charges specified in Paragraphs D and M
hereof. However, the Fund reserves the right to amend the Plan in the future to
include a service charge.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">J. Transfer of Shares Held by Agent</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Transfer Agent will maintain the participant's Account, hold the additional
Shares acquired through the Plan in safekeeping and furnish the participant with
written confirmation of all transactions in the Account. Shares in the Account are
transferable upon proper written instructions to the Transfer Agent. Upon request to
the Transfer Agent, a certificate for any or all full Shares in a participant's Account
will be sent to the participant.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">K. Shares Not Held in Shareholder's Name</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Beneficial owners of Shares which are held in the name of a broker or nominee will
not be automatically included in the Plan and will receive all distributions in cash.
Such shareholders should contact the broker or nominee in whose name their Shares
are held to determine whether and how they may participate in the Plan.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">L. Amendments</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Experience under the Plan may indicate that changes are desirable. Accordingly, the
Fund reserves the right to amend or terminate the Plan, including provisions with
respect to any Distribution paid, subsequent to notice thereof sent to participants in
the Plan at least ninety days before the record date for such Distribution, except
when such amendment is necessary or appropriate to comply with applicable law or
the rules or policies of the Securities and Exchange Commission or any other
regulatory authority, in which case such amendment shall be effective as soon as
practicable. The amendment shall be deemed to be accepted by each participant
unless, prior to the effective date thereof, the Transfer Agent receives notice of the
termination of such participant's account under the Plan in accordance with the
terms hereof. The Plan may be terminated by the Fund.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">M. Withdrawal from Plan</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Shareholders may withdraw from the Plan at any time by giving the Transfer Agent a
written notice. If the proceeds are $100,000 or less and the proceeds are to be
payable to the shareholder of record and mailed to the address of record, a signature
guarantee normally will not be required for notices by individual account owners
(including joint account owners), otherwise a signature guarantee will be required. In
addition, if the certificate is to be sent to anyone other than the registered owner(s) at
the address of record, a signature guarantee will be required on the notice. A notice of
withdrawal will be effective for the next Distribution following receipt of the notice
by the Transfer Agent provided the notice is received by the Transfer Agent at least
ten days prior to the Record Date for the Distribution. When a participant
withdraws from the Plan, or when the Plan is terminated in accordance with
Paragraph L hereof, the participant will receive a certificate for full Shares in the
Account, plus a check for any fractional Shares based on market price; or if a
Participant so desires, the Transfer Agent will notify UMB to sell his Shares in the
Plan and send the proceeds to the participant, less brokerage commissions and a
$2.50 service fee.</FONT>
</P>
<P ALIGN="LEFT"><B><FONT COLOR="#000000">N. Tax Implications</FONT></B>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Shareholders will receive tax information annually for personal records and to assist
in preparation of their Federal income tax returns. If Shares are purchased at a
discount, the amount of the discount is considered taxable income and is added to
the cost basis of the purchased shares.</FONT>
</P>
<P ALIGN="LEFT">
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="iaca" ID="iaca"></A>Investment Management Agreement Approval</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_153" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Board of Trustees, including the Independent Trustees, approved the
renewal of your Fund's investment management agreement (the &quot;Agreement&quot;)
with Deutsche Investment Management Americas Inc. (&quot;DeIM&quot; or the
&quot;Advisor&quot;) in September&nbsp;2005. As part of its review process, the Board
requested and evaluated all information it deemed reasonably necessary to
evaluate the Agreement. Over the course of several months, the Contract
Review Committee, in coordination with the Fixed-Income Oversight
Committee and the Operations Committee of the Board, reviewed
comprehensive materials received from the Advisor, independent third parties
and independent counsel. The Board also received extensive information
throughout the year regarding performance and operating results of the Fund.
After their review of the information received, the Committees presented their
findings and recommendations to the Independent Trustees as a group. The
Independent Trustees then reviewed the Committees' findings and
recommendations and presented their recommendations to the full Board.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">In connection with the contract review process, the various Committees and
the Board considered the factors discussed below, among others. The Board
also considered that the Advisor and its predecessors have managed the Fund
since its inception, and the Board believes that a long-term relationship with a
capable, conscientious advisor is in the best interests of the Fund. The Board
considered, generally, that shareholders invested in the Fund or approved the
investment management agreement for the Fund, knowing that the Advisor
managed the Fund and knowing the investment management fee schedule. In
connection with recent and ongoing efforts by Deutsche Bank to restructure
its US mutual fund business, which resulted in turnover of senior management
and other personnel of the Advisor, the Board considered Deutsche Bank's
commitment that it will devote to the Advisor and its affiliates all attention
and resources that are necessary to provide the Fund with top-quality
investment management and shareholder, administrative and product
distribution services.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Nature, Quality and Extent of Services.</FONT></B> The Board considered the nature,
extent and quality of services provided under the Agreement, including
portfolio management services and administrative services. The Board
considered the experience and skills of senior management and investment
personnel, the resources made available to such personnel, the ability of the
Advisor to attract and retain high-quality personnel, and the organizational
depth and stability of the Advisor. The Board reviewed the Fund's
performance over short-term and long-term periods and compared those
returns to various agreed-upon performance measures, including market
indices and peer groups. The Board considered whether investment results
were consistent with the Fund's investment objective and policies. The Board
also noted that it has put a process into place of identifying &quot;Focus Funds&quot;
(e.g., funds performing poorly relative to their peer group), and receives more
frequent reporting and information from the Advisor regarding such funds,
along with the Advisor's remedial plans to address underperformance. The
Board believes this process is an effective manner of addressing poorly
performing funds at this time.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">On the basis of this evaluation and the ongoing review of investment results
by the Fixed-Income Oversight Committee, the Board concluded that the
nature, quality and extent of services provided by the Advisor historically have
been and continue to be satisfactory, and that the Fund's performance over
time was satisfactory. </FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Fees and Expenses.</FONT></B> The Board considered the Fund's management fee rate,
operating expenses and total expense ratio, and compared management fees to
a peer group and total expenses to a broader peer universe based on
information and data supplied by Lipper Inc. (&quot;Lipper&quot;). For purposes of this
comparison, the Board relied on historical data compiled by Lipper for the
peer funds and the Advisor's estimate of current expenses for the Fund. The
information provided to the Board showed that the Fund's management fee
rate was above the median of the peer group but below the fourth quartile,
and that the Fund's total expense ratio was below the median of the peer
universe. The Board also considered the Fund's management fee rate as
compared to fees charged by the Advisor and certain of its affiliates for
comparable funds and for similarly managed institutional accounts. With
respect to institutional accounts, the Board noted that (i)&nbsp;both the mix of
services provided and the level of responsibility required under the Agreement
were significantly greater as compared to the Advisor's obligations for similarly
managed institutional accounts; and (ii)&nbsp;the management fees of institutional
accounts are less relevant to the Board's consideration because they reflect
significantly different competitive forces than those in the fund marketplace.
With respect to other comparable Scudder Funds, the Board considered
differences in fund and fee structures among the various legacy organizations.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">On the basis of the information provided, the Board concluded that
management fees were reasonable and appropriate in light of the nature,
quality and extent of services provided by the Advisor. The Board noted that
although the Fund's management fee rate was above the median for its peer
group, such fee was within an acceptable range of the peer group and
consistent with reasonable expectations in light of the nature, quality and
extent of services provided by the Advisor.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Profitability.</FONT></B> The Board reviewed detailed information regarding revenues
received by the Advisor under the Agreement. The Board considered the
estimated costs and pre-tax profits realized by the Advisor from advising the
Scudder Funds, as well as estimates of the pre-tax profits attributable to
managing the Fund in particular. The Board also received information
regarding the estimated enterprise-wide profitability of the Scudder
organization with respect to all fund services in totality and by fund. The
Board reviewed DeIM's methodology in allocating its costs to the
management of the Fund. Although the Board noted the inherently subjective
nature of any allocation methodology, the Board received an attestation report
from an accounting firm affirming that the allocation methods were
consistently applied and were based upon practices commonly used in the
investment management industry. Based on the information provided, the
Board concluded that the pre-tax profits realized by DeIM in connection with
the management of the Fund were not unreasonable.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Economies of Scale.</FONT></B> The Board considered whether there are economies of
scale with respect to the management of the Fund and whether the Fund
benefits from any economies of scale. The Board considered whether the
management fee rate under the Agreement is reasonable in relation to the asset
size of the Fund. The Board concluded that the management fee schedule
reflects an appropriate level of sharing of any economies of scale.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Other Benefits to DeIM and Its Affiliates.</FONT></B> The Board also considered the
character and amount of other incidental benefits received by DeIM and its
affiliates, including fees received by the Advisor for administrative services
provided to the Fund. The Board also considered benefits to DeIM related to
brokerage and soft-dollar allocations, which pertain primarily to funds
investing in equity securities. The Board considered that, during the past year,
the Advisor agreed to cease allocating brokerage to acquire research services
from third-party service providers. The Board concluded that management
fees were reasonable in light of these fallout benefits.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000"><B><FONT SIZE="-1">Regulatory Matters.</FONT></B> The Board also considered information regarding
ongoing inquiries of the Advisor regarding market timing, late trading and
other matters by federal and state regulators and private lawsuits on related
topics. Among other matters, the Board considered the Advisor's commitment
to indemnify the Scudder Funds against regulatory actions or lawsuits arising
from such inquiries. The Board also considered management's representation
that such actions will not materially impact the Advisor's ability to perform
under the Agreement or materially impact the Fund.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Based on all of the information considered and the conclusions reached, the
Board (including a majority of the Independent Trustees) determined that the
terms of the Agreement continue to be fair and reasonable and that the
continuation of the Agreement is in the best interests of the Fund. No single
factor was determinative in the Board's analysis.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="officers" ID="officers"></A>Trustees and Officers</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_153" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT COLOR="#000000">The following table presents certain information regarding the Trustees and Officers
of the fund as of November 30, 2005. Each individual's year of birth is set forth in
parentheses after his or her name. Unless otherwise noted, (i) each individual has
engaged in the principal occupation(s) noted in the table for at least the most recent
five years, although not necessarily in the same capacity, and (ii) the address of each
individual is c/o Deutsche Asset Management, 222 South Riverside Plaza, Chicago,
Illinois 60606. Each Trustee's term of office extends until the next shareholders'
meeting called for the purpose of electing Trustees and until the election and
qualification of a successor, or until such Trustee sooner dies, retires, resigns or is
removed as provided in the governing documents of the fund.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_3">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Independent Trustees</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_150" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Name, Year of
Birth, Position(s)
Held with the
Fund and Length
of Time Served<SUP>1</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_149" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Principal Occupation(s) During&nbsp;Past 5 Years and <BR>
Other Directorships Held</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_148" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Number
of Funds
in Fund
Complex
Overseen</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_86" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Shirley D.
Peterson (1941)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chairperson,
2004-present</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustee,
1995-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_84" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Retired; formerly, President, Hood College (1995-2000); prior
thereto, Partner, Steptoe &amp; Johnson (law firm); Commissioner,
Internal Revenue Service; Assistant Attorney General (Tax),
US&nbsp;Department of Justice. Directorships: Federal Mogul Corp.
(supplier of automotive components and subsystems); AK
Steel&nbsp;(steel production); Goodyear Tire &amp; Rubber Co. (April
2004-present) ; Champion Enterprises, Inc. (manufactured
home building); Wolverine World Wide, Inc. (designer,
manufacturer and marketer of footwear) (April 2005-present);
Trustee, Bryn Mawr College. Former Directorship: Bethlehem
Steel Corp.</FONT>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">71</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_86" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">John W.
Ballantine (1946)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustee,
1999-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_84" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Retired; formerly, Executive Vice President and Chief Risk
Management Officer, First Chicago NBD Corporation/The First
National Bank of Chicago (1996-1998); Executive Vice President
and Head of International Banking (1995-1996). Directorships:
First Oak Brook Bancshares, Inc.; Oak Brook Bank; American
Healthways, Inc. (provider of disease and care management
services); Portland General Electric (utility company)</FONT>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">71</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_86" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Donald L.
Dunaway (1937)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustee,
1980-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_84" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Retired; formerly, Executive Vice President, A.O. Smith
Corporation (diversified manufacturer) (1963-1994)</FONT>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">71</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_86" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">James R. Edgar
(1946)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustee,
1999-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_84" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Distinguished Fellow, University of Illinois, Institute of
Government and Public Affairs (1999-present); formerly,
Governor, State of Illinois (1991-1999). Directorships: Kemper
Insurance Companies; John B. Sanfilippo &amp; Son, Inc.
(processor/packager/marketer of nuts, snacks and candy
products); Horizon Group Properties, Inc.; Youbet.com (online
wagering platform); Alberto-Culver Company (manufactures,
distributes and markets health and beauty care products)</FONT>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">71</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_86" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Paul K. Freeman
(1950)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustee,
2002-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_84" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">President, Cook Street Holdings (consulting); Senior Visiting
Research Scholar, Graduate School of International Studies,
University of Denver; Consultant, World Bank/Inter-American
Development Bank; formerly, Project Leader, International
Institute for Applied Systems Analysis (1998-2001); Chief
Executive Officer, The Eric Group, Inc. (environmental
insurance) (1986-1998)</FONT>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">71</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_86" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Robert B.
Hoffman (1936)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustee,
1981-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_84" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Retired; formerly, Chairman, Harnischfeger Industries, Inc.
(machinery for the mining and paper industries) (1999-2000);
prior thereto, Vice Chairman and Chief Financial Officer,
Monsanto Company (agricultural, pharmaceutical and
nutritional/food products) (1994-1999). Directorships: RCP
Advisors, LLC (a private equity investment advisory firm)</FONT>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">71</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_86" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">William
McClayton
(1944)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustee,
2004-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_84" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director of Finance and Administration,
DiamondCluster International, Inc. (global management
consulting firm) (2001-present); formerly, Partner, Arthur
Andersen LLP (1986-2001). Formerly: Trustee, Ravinia Festival;
Board of Managers, YMCA of Metropolitan Chicago</FONT>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">71</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_86" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Robert H.
Wadsworth</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">(1940)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustee,
2004-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_84" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">President, Robert H. Wadsworth Associates, Inc. (consulting
firm) (1983-present). Director, The European Equity Fund, Inc.
(since 1986), The New Germany Fund, Inc. (since 1992), The
Central Europe and Russia Fund, Inc. (since 1990). Formerly,
Trustee of New York Board Scudder Funds; President and
Trustee, Trust for Investment Managers (registered investment
company) (1999-2002). President, Investment Company
Administration, L.L.C. (1992*-2001); President, Treasurer and
Director, First Fund Distributors, Inc. (June 1990-January 2002);
Vice President, Professionally Managed Portfolios (May
1991-January 2002) and Advisors Series Trust (October
1996-January 2002) (registered investment companies)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">* Inception date of the corporation which was the predecessor
to the L.L.C.</FONT>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">74</FONT>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_3">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" BGCOLOR="#000000" ALIGN="LEFT" VALIGN="TOP" COLSPAN="3">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#ffffff">Interested Trustee and Officers<SUP>2</SUP></FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_5">
<TD CLASS="CLASS_150" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Name, Year of
Birth, Position(s)
Held with the
Fund and Length
of Time Served<SUP>1</SUP></FONT></B>
</P>
</TD>
<TD CLASS="CLASS_149" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Principal Occupation(s) During&nbsp;Past 5 Years and <BR>
Other Directorships Held</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_148" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">Number
of Funds
in Fund
Complex
Overseen</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_6">
<TD CLASS="CLASS_86" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">William N.
Shiebler<SUP>4</SUP> (1942)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Trustee,
2004-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_84" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Vice Chairman, Deutsche Asset Management (&quot;DeAM&quot;) and a
member of the DeAM Global Executive Committee (since
2002); Vice Chairman of Putnam Investments, Inc. (1999);
Director and Senior Managing Director of Putnam Investments,
Inc. and President, Chief Executive Officer, and Director of
Putnam Mutual Funds Inc. (1990-1999)</FONT>
</P>
</TD>
<TD CLASS="CLASS_81" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">120</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_83" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Vincent J.
Esposito<SUP>4 </SUP>(1956)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">President,
2005-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director<SUP>3</SUP>, Deutsche Asset Management (since 2003);
President and Chief Executive Officer of The Central Europe
and Russia Fund, Inc., The European Equity Fund, Inc., The New
Germany Fund, Inc. (since 2003) (registered investment
companies); Vice Chairman and Director of The Brazil Fund,
Inc. (2004-present); formerly, Managing Director, Putnam
Investments (1991-2002)</FONT>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_83" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Philip J. Collora
(1945)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Vice President
and Assistant
Secretary,
1986-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director<SUP>3</SUP>, Deutsche Asset Management</FONT>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_83" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Paul H.
Schubert<SUP>4</SUP> (1963)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chief Financial
Officer,
2004-present</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Treasurer,
2005-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director<SUP>3</SUP>, Deutsche Asset Management (since July
2004); formerly, Executive Director, Head of Mutual Fund
Services and Treasurer for UBS Family of Funds (1998-2004);
Vice President and Director of Mutual Fund Finance at UBS
Global Asset Management (1994-1998)</FONT>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_83" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">John Millette<SUP>5</SUP>
(1962)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Secretary,
2001-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director<SUP>3</SUP>, Deutsche Asset Management</FONT>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_83" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Patricia
DeFilippis<SUP>4 </SUP>(1963)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant
Secretary,
2005-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Vice President, Deutsche Asset Management (since June 2005);
Counsel, New York Life Investment Management LLC
(2003-2005); legal associate, Lord, Abbett &amp; Co. LLC
(1998-2003)</FONT>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_83" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Daniel O. Hirsch<SUP>6</SUP>
(1954)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant
Secretary,
2002-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Consultant. Formerly, Managing Director, Deutsche Asset
Management (2002-2005); Director, Deutsche Asset
Management (1999-2002), Principal, BT Alex. Brown
Incorporated (now Deutsche Bank Securities Inc.) (1998-1999);
Assistant General Counsel, United States Securities and
Exchange Commission (1993-1998); Director, Deutsche Global
Funds Ltd. (2002-2004)</FONT>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_83" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Elisa D. Metzger<SUP>4</SUP>
(1962)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant
Secretary
2005-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director<SUP>3</SUP>, Deutsche Asset Management (since September
2005); Counsel, Morrison and Foerster LLP (1999-2005)</FONT>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_83" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Caroline
Pearson<SUP>5</SUP> (1962)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant
Secretary,
1998-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director<SUP>3</SUP>, Deutsche Asset Management </FONT>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_83" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Scott M.
McHugh<SUP>5</SUP> (1971)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant
Treasurer,
2005-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director<SUP>3</SUP>, Deutsche Asset Management</FONT>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_83" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Kathleen
Sullivan
D'Eramo<SUP>5 </SUP>(1957)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Assistant
Treasurer,
2003-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Director<SUP>3</SUP>, Deutsche Asset Management</FONT>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_83" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">John Robbins<SUP>4
</SUP>(1966)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Anti-Money
Laundering
Compliance
Officer,
2005-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director<SUP>3</SUP>, Deutsche Asset Management (since 2005);
formerly, Chief Compliance Officer and Anti-Money
Laundering Compliance Officer for GE Asset Management
(1999-2005)</FONT>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_83" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Philip Gallo<SUP>4
</SUP>(1962)</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chief
Compliance
Officer,
2004-present</FONT>
</P>
</TD>
<TD CLASS="CLASS_82" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Managing Director<SUP>3</SUP>, Deutsche Asset Management
(2003-present); formerly, Co-Head of Goldman Sachs Asset
Management Legal (1994-2003)</FONT>
</P>
</TD>
<TD CLASS="CLASS_80" ALIGN="CENTER" VALIGN="TOP">
<P ALIGN="CENTER"><FONT SIZE="-2" COLOR="#000000">n/a</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>1</SUP><I> Length of time served represents the date that each Trustee was first elected to the common board
of Trustees which oversees a number of investment companies, including the fund, managed by
the Advisor. For the Officers of the fund, the length of time served represents the date that each
officer was first elected to serve as an officer of any fund overseen by the aforementioned
common board of Trustees.</I></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>2</SUP><I> As a result of their respective positions held with the Advisor, these individuals are considered
&quot;interested persons&quot; of the Advisor within the meaning of the 1940 Act. Interested persons receive
no compensation from the fund.</I></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>3</SUP><I> Executive title, not a board directorship</I></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>4</SUP><I> Address: 345 Park Avenue, New York, New York 10154</I></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>5</SUP><I> Address: Two International Place, Boston, Massachusetts 02110</I></FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000"><SUP>6</SUP><I> Address: One South Street, Baltimore, Maryland 21202. Effective December 31, 2005, Mr. Hirsch
resigned as an officer of the Fund.</I></FONT>
</P>
<P ALIGN="LEFT">
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000"><A NAME="adinfo" ID="adinfo"></A>Additional Information</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_153" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Changes in Trustees and Officers</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">On July 19, 2005, the Board of Trustees appointed Paul H. Schubert as
Treasurer of the fund.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">On September 23, 2005, the Board of Trustees appointed Patricia DeFilippis
as Assistant Secretary of the fund, John Robbins as the Anti-Money
Laundering Compliance Officer of the fund and Vincent J. Esposito as
President of the fund.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">On November 16, 2005, the Board of Trustees appointed Elisa Metzger as
Assistant Secretary of the fund.</FONT>
</P>
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Certifications</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">The fund's chief executive officer has certified to the New York Stock
Exchange that, as of September 1, 2005, he was not aware of any violation
by&nbsp;the fund of applicable NYSE corporate governance listing standards. The
fund's reports to the Securities and Exchange Commission on Forms N-CSR
and N-Q contain certifications by the fund's chief executive officer and chief
financial officer that relate to the fund's disclosure in such reports and that are
required by the rule 30a-2(a) under the Investment Company Act.</FONT>
</P>
<H2 ALIGN="LEFT"><FONT COLOR="#000000">Changes Effective February 6, 2006</FONT></H2>
<P ALIGN="LEFT"><FONT COLOR="#000000">Scudder Investments will change its name to DWS Scudder and the Scudder
funds will be renamed the DWS funds.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">Scudder Municipal Income Trust will change its name to DWS Municipal
Income Trust and the cusip number for the fund's common stock will change
to 23338M106, the cusip number for the fund's Class A (preferred) stock will
change to 23338M205, the cusip number for the fund's Class B (preferred)
stock will change to 23338M304, the cusip number for the fund's Class C
(preferred) stock will change to 23338M403, the cusip number for the fund's
Class D (preferred) stock will change to 23338M502 and the cusip number
for the fund's Class E (preferred) stock will change to 23338M601.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The Shareholder Service Agent will change its name to DWS Scudder
Investments Service Company.</FONT>
</P>
<P ALIGN="LEFT"><FONT COLOR="#000000">The web site address will change from www.scudder.com and
www.cef.scudder.com to www.dws-scudder.com.</FONT>
</P>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_7">
<TR CLASS="CLASS_4">
<TD CLASS="CLASS_65" ALIGN="LEFT" VALIGN="BOTTOM">
<P ALIGN="LEFT"><FONT SIZE="+2" COLOR="#3d0000">Additional Information </FONT><FONT SIZE="+1" COLOR="#3d0000">(continued)</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_4">
<TD CLASS="CLASS_153" ALIGN="RIGHT" VALIGN="BOTTOM">
<P ALIGN="RIGHT"><I><FONT SIZE="-2" COLOR="#000000">&nbsp;</FONT></I>
</P>
</TD>
</TR>


</TABLE>
<TABLE BORDER="1" CELLPADDING=0 CELLSPACING=0 CLASS="CLASS_1">
<TR CLASS="CLASS_2">
<TD CLASS="CLASS_24" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Automated
Information Lines</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_28" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Scudder Closed-End Fund Info Line</FONT></B>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">(800) 349-4281</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_22" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Web Sites</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_25" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">www.scudder.com </FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">or visit our Direct Link:</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">www.cef.scudder.com </FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Obtain monthly fact sheets, financial reports, press releases and
webcasts when available.</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_22" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Written
Correspondence</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_25" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Deutsche Investment Management Americas Inc.</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">222 South Riverside</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chicago, IL 60606</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_22" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Proxy Voting</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_25" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">A description of the fund's policies and procedures for voting
proxies for portfolio securities and information about how the
fund voted proxies related to its portfolio securities during the
12-month period ended June 30 is available on our Web site &#151;
scudder.com (type &quot;proxy voting&quot; in the search field)&nbsp;&#151;&nbsp;or on the
SEC's Web site &#151; www.sec.gov. To obtain a written&nbsp;copy of the
fund's policies and procedures without charge, upon request, call
us toll free at (800) 621-1048.</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_22" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Legal Counsel</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_25" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Vedder, Price, Kaufman &amp; Kammholz, P.C.</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">222 North LaSalle Street</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Chicago, IL 60601</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_22" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Dividend
Reinvestment
Plan Agent</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_25" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">UMB Bank</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">P.O. Box 410064</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Kansas City, MO 64141-0064</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_22" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Shareholder
Service Agent</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_25" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Scudder Investments Service Company</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">P.O. Box 219066</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Kansas City, MO 64121-9066</FONT>
</P>
<P ALIGN="LEFT"><B><FONT SIZE="-2" COLOR="#000000">(800) 294-4366</FONT></B>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_22" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Custodian and
Transfer Agent</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_25" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">State Street Bank and Trust Company</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">225 Franklin Street</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Boston, MA 02110</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_22" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">Independent
Registered Public
Accounting Firm</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_25" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><B><FONT SIZE="-1" COLOR="#000000">Ernst &amp; Young LLP</FONT></B>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">200 Clarendon Street</FONT>
</P>
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">Boston, MA 02116</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_22" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">NYSE Symbol</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_25" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">KTF</FONT>
</P>
</TD>
</TR>

<TR CLASS="CLASS_2">
<TD CLASS="CLASS_22" ALIGN="RIGHT" VALIGN="TOP">
<P ALIGN="RIGHT"><B><FONT SIZE="-2" COLOR="#3d0000">CUSIP Number</FONT></B>
</P>
</TD>
<TD CLASS="CLASS_25" ALIGN="LEFT" VALIGN="TOP">
<P ALIGN="LEFT"><FONT SIZE="-2" COLOR="#000000">81118R604</FONT>
</P>
</TD>
</TR>


</TABLE>
<P ALIGN="LEFT"><IMG SRC="mit_backcover0.gif" ALT="MIT_backcover0">
</P>

<PRE>

ITEM 2.         CODE OF ETHICS.

As of the end of the period, November 30, 2005, Scudder Municipal Income Trust
has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies
to its Principal Executive Officer and Principal Financial Officer.

There have been no amendments to, or waivers from, a provision of the code of
ethics during the period covered by this report that would require disclosure
under Item 2.

A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


ITEM 3.         AUDIT COMMITTEE FINANCIAL EXPERT.

The Fund's Board of Directors/Trustees has determined that the Fund has at least
one "audit committee financial expert" serving on its audit committee: Mr.
Donald L. Dunaway. This audit committee member is "independent," meaning that he
is not an "interested person" of the Fund (as that term is defined in Section
2(a)(19) of the Investment Company Act of 1940) and he does not accept any
consulting, advisory, or other compensatory fee from the Fund (except in the
capacity as a Board or committee member).

An "audit committee financial expert" is not an "expert" for any purpose,
including for purposes of Section 11 of the Securities Act of 1933, as a result
of being designated as an "audit committee financial expert." Further, the
designation of a person as an "audit committee financial expert" does not mean
that the person has any greater duties, obligations, or liability than those
imposed on the person without the "audit committee financial expert"
designation. Similarly, the designation of a person as an "audit committee
financial expert" does not affect the duties, obligations, or liability of any
other member of the audit committee or board of directors.

ITEM 4.         PRINCIPAL ACCOUNTANT FEES AND SERVICES.


                         SCUDDER MUNICIPAL INCOME TRUST
                      FORM N-CSR DISCLOSURE RE: AUDIT FEES

The following table shows the amount of fees that Ernst &amp; Young, LLP
("E&amp;Y"), the Fund's auditor, billed to the Fund during the Fund's last two
fiscal years. The Audit Committee approved in advance all audit services and
non-audit services that E&amp;Y provided to the Fund.

The Audit Committee has delegated certain pre-approval responsibilities to its
Chairman (or, in his absence, any other member of the Audit Committee).

               Services that the Fund's Auditor Billed to the Fund

- --------------------------------------------------------------------------------
  Fiscal            Audit           Audit-                              All
   Year             Fees           Related           Tax Fees        Other Fees
  Ended            Billed         Fees Billed        Billed           Billed
November 30       to Fund          to Fund           to Fund          to Fund
- --------------------------------------------------------------------------------
2005              $47,134            $0              $6,427             $0
- --------------------------------------------------------------------------------
2004             $42,391             $0              $7,481             $0
- --------------------------------------------------------------------------------

The above "Tax Fees" were billed for professional services rendered for tax
compliance and tax return preparation.

           Services that the Fund's Auditor Billed to the Adviser and
                        Affiliated Fund Service Providers

The following table shows the amount of fees billed by E&amp;Y to Deutsche
Investment Management Americas, Inc. ("DeIM" or the "Adviser"), and any entity
controlling, controlled by or under common control with DeIM ("Control
Affiliate") that provides ongoing services to the Fund ("Affiliated Fund Service
Provider"), for engagements directly related to the Fund's operations and
financial reporting, during the Fund's last two fiscal years.


- --------------------------------------------------------------------------------
                                             Tax Fees
                     Audit-Related           Billed to             All Other
                      Fees Billed           Adviser and           Fees Billed
   Fiscal             to Adviser            Affiliated            to Adviser
    Year            and Affiliated             Fund             and Affiliated
    Ended            Fund Service             Service            Fund Service
 November 30           Providers              Providers             Providers
- --------------------------------------------------------------------------------
2005                   $406,000               $70,570                 $0
- --------------------------------------------------------------------------------
2004                   $281,500                 $0                    $0
- --------------------------------------------------------------------------------

The "Audit-Related Fees" were billed for services in connection with the
assessment of internal controls, agreed upon procedures and additional related
procedures and the above "Tax Fees" were billed in connection with consultation
services and agreed upon procedures.

                                       1
<PAGE>

Non-Audit Services

The following table shows the amount of fees that E&amp;Y billed during the
Fund's last two fiscal years for non-audit services. The Audit Committee
pre-approved all non-audit services that E&amp;Y provided to the Adviser and any
Affiliated Fund Service Provider that related directly to the Fund's operations
and financial reporting. The Audit Committee requested and received information
from E&amp;Y about any non-audit services that E&amp;Y rendered during the
Fund's last fiscal year to the Adviser and any Affiliated Fund Service Provider.
The Committee considered this information in evaluating E&amp;Y's independence.


- --------------------------------------------------------------------------------
                                  Total
                                Non-Audit
                              Fees billed to
                               Adviser and
                              Affiliated Fund          Total
                                Service              Non-Audit
                                Providers           Fees billed
                              (engagements           to Adviser
                                  related              and
                 Total        directly to the       Affiliated
               Non-Audit        operations         Fund Service
                 Fees         and financial         Providers
   Fiscal      Billed to        reporting           (all other      Total of
    Year         Fund          of the Fund)        engagements)     (A), (B)
    Ended
 November 30      (A)             (B)                  (C)           and (C)
- --------------------------------------------------------------------------------
2005           $6,247          $70,570               $40,586        $117,403
- --------------------------------------------------------------------------------
2004           $7,481             $0                $386,601        $394,082
- --------------------------------------------------------------------------------


All other engagement fees were billed for services in connection with risk
management and process improvement initiatives for DeIM and other related
entities that provide support for the operations of the fund.

                                       ***

E&amp;Y recently advised the Fund's Audit Committee that various E&amp;Y member
firms provided certain non-audit services to Deutsche Bank entities and
affiliates (collectively, the "DB entities") between 2004 and 2005 that raise
issues under the SEC auditor independence rules. The DB entities are within the
"Investment Company Complex" (as defined by SEC rules) and therefore covered by
the SEC auditor independence rules applicable to the Fund.

E&amp;Y advised the Audit Committee that in connection with providing monthly
payroll services to employees of certain DB entities from May 2003 to February
2005, a member firm in Chile ("E&amp;Y Chile") received funds from the DB
entities that went into an E&amp;Y trust account and were used to pay the net
salaries and social security taxes of executives of the DB entities. E&amp;Y has
advised the Audit Committee that handling those funds was in violation of Rule
2-01 of Regulation S-X.

E&amp;Y also advised the Audit Committee that in connection with providing
certain services in assisting a DB entity with various regulatory reporting
requirements, a member firm in France

                                       2
<PAGE>

("E&amp;Y France") entered into an engagement with the DB entity that resulted
in E&amp;Y France staff functioning under the direct responsibility and
direction of a DB entity supervisor. E&amp;Y advised the Audit Committee that,
although the services provided were "permitted services" under Rule 2-01 of
Regulation S-X, the structure of the engagement was in violation of Rule 2-01 of
Regulation S-X. (Rule 2-01(c)(4)(vi) provides that an accountant's independence
is impaired if the accountant acts as an employee of an audit client.)

The Audit Committee was informed that E&amp;Y Chile received approximately
$11,724 and E&amp;Y France received approximately $100,000 for the services they
provided to the DB entities. E&amp;Y advised the Audit Committee that it
conducted an internal review of the situation and, in view of the fact that
similar expatriate tax compliance services were provided to a number of E&amp;Y
audit clients unrelated to DB or the Fund, E&amp;Y has advised the SEC and the
PCAOB of the independence issues arising from those services. E&amp;Y advised
the Audit Committee that E&amp;Y believes its independence as independent
registered public accounting firm for the Fund was not impaired during the
period the services were provided. In reaching this conclusion, E&amp;Y noted a
number of factors, including that none of the E&amp;Y personnel who provided the
non-audit services to the DB entities were involved in the provision of audit
services to the Fund, the E&amp;Y professionals responsible for the Fund's
audits were not aware that these non-audit services took place, and that the
fees charged were not significant to E&amp;Y overall or to the fees charged to
the Investment Company Complex. E&amp;Y also noted that E&amp;Y Chile is no
longer providing these services and that the E&amp;Y France engagement has been
restructured.



                                       3

ITEM 5.         AUDIT COMMITTEE OF LISTED REGISTRANTS

The registrant has a separately-designated standing audit committee established
in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934,
as amended. The registrant's audit committee consists of Donald L. Dunaway
(Chairman), Robert B. Hoffman, Lewis A. Burnham, and William McClayton


ITEM 6.         SCHEDULE OF INVESTMENTS

                Not Applicable

ITEM 7.         DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
                CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Proxy Voting Guidelines. The Fund has delegated proxy voting responsibilities to
its investment advisor, subject to the Board's general oversight. The Fund has
delegated proxy voting to the advisor with the direction that proxies should be
voted consistent with the Fund's best economic interests. The advisor has
adopted its own Proxy Voting Policies and Procedures ("Policies"), a Proxy
Voting Desktop Manual ("Manual"), and Proxy Voting Guidelines ("Guidelines") for
this purpose. The Policies address, among other things, conflicts of interest
that may arise between the interests of the Fund, and the interests of the
advisor and its affiliates. The Manual sets forth the procedures that the advisor
has implemented to vote proxies, including monitoring for corporate events,
communicating with the fund's custodian regarding proxies, considering the merits
of each proposal, and executing and recording the proxy vote. The Guidelines set
forth the advisor's general position on various proposals, such as:

o    Shareholder  Rights -- The advisor  generally votes against  proposals that
     restrict shareholder rights.

o    Corporate  Governance -- The advisor  generally votes for  confidential and
     cumulative voting and against supermajority voting requirements for charter
     and bylaw amendments.  The advisor generally votes for proposals to restrict
     a chief executive officer from serving on more than three outside board of
     directors.  The advisor generally votes against proposals that require a
     company to appoint a chairman who is an independent director.

o    Anti-Takeover  Matters -- The advisor  generally  votes for proposals  that
     require shareholder  ratification of poison pills or that request boards to
     redeem  poison pills,  and votes  "against" the adoption of poison pills if
     they are  submitted for  shareholder  ratification.  The advisor  generally
     votes for fair price proposals.

o    Routine  Matters -- The advisor  generally  votes for the  ratification  of
     auditors,  procedural matters related to the annual meeting, and changes in
     company name, and against bundled proposals and adjournment.

The general provisions described above do not apply to investment companies. The
advisor generally votes proxies solicited by investment companies in accordance
with the recommendations of an independent third-party, except for proxies
solicited by or with respect to investment companies for which the advisor or an
affiliate serves as investment advisor or principal underwriter ("affiliated
investment companies"). The advisor votes affiliated investment company proxies
in the same proportion as the vote of the investment company's other
shareholders (sometimes called "mirror" or "echo" voting). Master fund proxies
solicited from feeder funds are voted in accordance with applicable requirements
of the Investment Company Act of 1940.

Although the Guidelines set forth the advisor's general voting positions on
various proposals, the advisor may, consistent with the Fund's best interests,
determine under some circumstances to vote contrary to those positions.

The Guidelines on a particular issue may or may not reflect the view of
individual members of the board, or of a majority of the board. In addition, the
Guidelines may reflect a voting position that differs from the actual practices
of the public companies within the Deutsche Bank organization or of the
investment companies for which the advisor or an affiliate serves as investment
advisor or sponsor.

The advisor may consider the views of a portfolio company's management in
deciding how to vote a proxy or in establishing general voting positions for the
Guidelines, but management's views are not determinative.

As mentioned above, the Policies describe the way in which the advisor resolves
conflicts of interest. To resolve conflicts, the advisor, under normal
circumstances, votes proxies in accordance with its Guidelines. If the advisor
departs from the Guidelines with respect to a particular proxy or if the
Guidelines do not specifically address a certain proxy proposal, a committee
established by the advisor will vote the proxy. Before voting any such proxy,
however, the committee will exclude from the voting discussions and
determinations any member who is involved in or aware of a material conflict of
interest. If, after excluding any and all such members, there are fewer than
three voting members remaining, the advisor will engage an independent third
party to vote the proxy or follow the proxy voting recommendations of an
independent third party.

ITEM 8.         PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

                Not applicable.

ITEM 9.         PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT
                INVESTMENT COMPANY AND AFFILIATED PURCHASERS


- --------------------------------------------------------------------------------
                                                            (c)
                                                           Total         (d)
                                                          Number       Maximum
                                                         of Shares   Number of
                                    (a)                  Purchased   Shares that
                                   Total                  as Part    May Yet Be
                                  Number       (b)      of Publicly   Purchased
                                    of       Average     Announced   Under the
                                  Shares    Price Paid   Plans or     Plans or
Period                           Purchased  per Share    Programs     Programs
- --------------------------------------------------------------------------------

December 1 through December 31     n/a          n/a         n/a          n/a
January 1 through January 31       n/a          n/a         n/a          n/a
February 1 through February 28     n/a          n/a         n/a          n/a
March 1 through March 31           n/a          n/a         n/a          n/a
April 1 through April 30           n/a          n/a         n/a          n/a
May 1 through May 31               n/a          n/a         n/a          n/a
June 1 through June 30             n/a          n/a         n/a          n/a
July 1 through July 31             n/a          n/a         n/a          n/a
August 1 through August 31         n/a          n/a         n/a          n/a
September 1 through September 30   n/a          n/a         n/a          n/a
October 1 through October 31       n/a          n/a         n/a          n/a
November 1 through November 30     n/a          n/a         n/a          n/a

- --------------------------------------------------------------------------------
Total                              n/a          n/a         n/a          n/a
- --------------------------------------------------------------------------------

ITEM 10.        SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

The primary function of the Nominating and Governance Committee is to identify
and recommend individuals for membership on the Board and oversee the
administration of the Board Governance Procedures and Guidelines. Shareholders
may recommend candidates for Board positions by forwarding their correspondence
by U.S. mail or courier service to the Fund's Secretary for the attention of the
Chairman of the Nominating and Governance Committee, Two International Place,
Boston, MA 02110. Suggestions for candidates must include a resume of the
candidate.

ITEM 11.        CONTROLS AND PROCEDURES.

(a) The Chief Executive and Financial Officers concluded that the Registrant's
Disclosure Controls and Procedures are effective based on the evaluation of the
Disclosure Controls and Procedures as of a date within 90 days of the filing
date of this report.

(b) There have been no changes in the registrant's internal control over
financial reporting that occurred during the registrant's last half-year (the
registrant's second fiscal half-year in the case of the annual report) that has
materially affected, or is reasonably likely to materially affect, the
registrant's internal controls over financial reporting.

ITEM 12.        EXHIBITS.

(a)(1)   Code of Ethics  pursuant to Item 2 of Form N-CSR is filed and  attached
         hereto as EX-99.CODE ETH.

(a)(2)   Certification  pursuant to Rule 30a-2(a) under the  Investment  Company
         Act of 1940 (17 CFR  270.30a-2(a))  is filed  and  attached  hereto  as
         Exhibit 99.CERT.

(b)      Certification  pursuant to Rule 30a-2(b) under the  Investment  Company
         Act of 1940 (17 CFR  270.30a-2(b))  is furnished and attached hereto as
         Exhibit 99.906CERT.


<PAGE>

Form N-CSR Item F

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:                         Scudder Municipal Income Trust


By:                                 /s/Vincent J. Esposito
                                    ----------------------
                                    Vincent J. Esposito
                                    President

Date:                               January 31, 2006


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.

Registrant:                         Scudder Municipal Income Trust


By:                                 /s/Vincent J. Esposito
                                    ----------------------
                                    Vincent J. Esposito
                                    President

Date:                               January 31, 2006



By:                                 /s/Paul Schubert
                                    ----------------------
                                    Paul Schubert
                                    Chief Financial Officer and Treasurer

Date:                               January 31, 2006

</PRE>
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<TYPE>EX-99.CODE ETH
<SEQUENCE>5
<FILENAME>code_prinofficers013105.txt
<TEXT>







                               Scudder/DeAM Funds

       Principal Executive and Principal Financial Officer Code of Ethics

               For the Registered Management Investment Companies

                              Listed on Appendix A

































                                                                  Effective Date
                                                              [January 31, 2005]


<PAGE>




<TABLE>
<CAPTION>
Table of Contents
                                                                                                                    Page Number

<S>                                                                                                                     <C>
   I.       Overview.....................................................................................................3


   II.      Purposes of the Officer Code.................................................................................3


   III.     Responsibilities of Covered Officers.........................................................................4

      A.    Honest and Ethical Conduct...................................................................................4
      B.    Conflicts of Interest........................................................................................4
      C.    Use of Personal Fund Shareholder Information.................................................................6
      D.    Public Communications........................................................................................6
      E.    Compliance with Applicable Laws, Rules and Regulations.......................................................6

   IV.      Violation Reporting..........................................................................................7

      A.    Overview.....................................................................................................7
      B.    How to Report................................................................................................7
      C.    Process for Violation Reporting to the Fund Board............................................................7
      D.    Sanctions for Code Violations................................................................................7

   V.       Waivers from the Officer Code................................................................................7


   VI.      Amendments to the Code.......................................................................................8


   VII.     Acknowledgement and Certification of Adherence to the Officer Code...........................................8


   IX.      Recordkeeping................................................................................................8


   X.       Confidentiality..............................................................................................9


   Appendices...........................................................................................................10

      Appendix A:  List of Officers Covered under the Code, by Board....................................................10
      Appendix B:  Officer Code Acknowledgement and Certification Form..................................................11
      Appendix C:  Definitions..........................................................................................13
</TABLE>



                                                                               2

<PAGE>



I.       Overview

         This Principal  Executive Officer and Principal  Financial Officer Code
         of Ethics  ("Officer  Code") sets forth the  policies,  practices,  and
         values  expected  to be  exhibited  in the  conduct  of  the  Principal
         Executive  Officers and Principal  Financial Officers of the investment
         companies ("Funds") they serve ("Covered Officers").  A list of Covered
         Officers and Funds is included on Appendix A.

         The Boards of the Funds  listed on Appendix A have elected to implement
         the Officer Code,  pursuant to Section 406 of the Sarbanes-Oxley Act of
         2002 and the SEC's rules thereunder,  to promote and demonstrate honest
         and ethical conduct in their Covered Officers.

         Deutsche Asset  Management,  Inc. or its affiliates  ("DeAM") serves as
         the  investment  adviser to each Fund.  All Covered  Officers  are also
         employees of DeAM or an affiliate. Thus, in addition to adhering to the
         Officer  Code,  these  individuals  must comply with DeAM  policies and
         procedures,  such as the DeAM Code of Ethics governing personal trading
         activities,  as adopted  pursuant  to Rule 17j-1  under the  Investment
         Company Act of 1940.(1) In addition,  such individuals also must comply
         with other applicable Fund policies and procedures.

         The DeAM Compliance Officer, who shall not be a Covered Officer and who
         shall serve as such  subject to the  approval  of the Fund's  Board (or
         committee  thereof),  is primarily  responsible  for  implementing  and
         enforcing  this Code.  The  Compliance  Officer  has the  authority  to
         interpret  this  Officer  Code  and  its  applicability  to  particular
         circumstances.  Any questions about the Officer Code should be directed
         to the DeAM Compliance Officer.

         The DeAM Compliance  Officer and his or her contact  information can be
         found in Appendix A.

II.      Purposes of the Officer Code

         The purposes of the Officer Code are to deter wrongdoing and to:

         o        promote  honest and ethical  conduct among  Covered  Officers,
                  including the ethical handling of actual or apparent conflicts
                  of interest between personal and professional relationships;

         o        promote  full,  fair,  accurate,   timely  and  understandable
                  disclosures  in reports and documents that the Funds file with
                  or submit to the SEC (and in other public  communications from
                  the  Funds)  and  that  are  within  the   Covered   Officer's
                  responsibilities;

         o        promote   compliance   with   applicable   laws,   rules   and
                  regulations;

         o        encourage the prompt  internal  reporting of violations of the
                  Officer Code to the DeAM Compliance Officer; and

         o        establish accountability for adherence to the Officer Code.

         Any  questions  about the  Officer  Code  should be  referred to DeAM's
         Compliance Officer.


- -----------------------

(1) The  obligations  imposed by the  Officer  Code are  separate  from,  and in
addition to, any obligations  imposed under codes of ethics adopted  pursuant to
Rule  17j-1  under the  Investment  Company  Act of 1940,  and any other code of
conduct  applicable to Covered  Officers in whatever  capacity  they serve.  The
Officer  Code does not  incorporate  any of those other codes and,  accordingly,
violations of those codes will not  necessarily be considered  violations of the
Officer Code and waivers granted under those codes would not necessarily require
a waiver to be granted under this Code.  Sanctions imposed under those codes may
be considered  in  determining  appropriate  sanctions for any violation of this
Code.



                                                                               3
<PAGE>

III.     Responsibilities of Covered Officers

         A. Honest and Ethical Conduct

         It is the duty of every Covered  Officer to encourage  and  demonstrate
         honest and ethical conduct,  as well as adhere to and require adherence
         to the Officer Code and any other  applicable  policies and  procedures
         designed to promote this behavior.  Covered  Officers must at all times
         conduct  themselves with integrity and  distinction,  putting first the
         interests of the Fund(s) they serve.  Covered  Officers  must be honest
         and candid  while  maintaining  confidentiality  of  information  where
         required by law, DeAM policy or Fund policy.

         Covered   Officers  also  must,  at  all  times,  act  in  good  faith,
         responsibly  and with  due  care,  competence  and  diligence,  without
         misrepresenting  or being  misleading  about material facts or allowing
         their  independent  judgment to be subordinated.  Covered Officers also
         should maintain skills appropriate and necessary for the performance of
         their duties for the Fund(s).  Covered  Officers also must  responsibly
         use and control all Fund assets and resources entrusted to them.

         Covered  Officers may not  retaliate  against  others for, or otherwise
         discourage  the  reporting  of,  actual or apparent  violations  of the
         Officer Code or applicable laws or regulations. Covered Officers should
         create an  environment  that  encourages  the exchange of  information,
         including concerns of the type that this Code is designed to address.

         B. Conflicts of Interest

         A  "conflict  of  interest"  occurs when a Covered  Officer's  personal
         interests  interfere with the interests of the Fund for which he or she
         serves as an officer.  Covered  Officers may not  improperly  use their
         position with a Fund for personal or private gain to themselves,  their
         family,  or any other person.  Similarly,  Covered Officers may not use
         their  personal  influence  or  personal   relationships  to  influence
         decisions  or other Fund  business or  operational  matters  where they
         would  benefit  personally  at the  Fund's  expense  or to  the  Fund's
         detriment.  Covered Officers may not cause the Fund to take action,  or
         refrain from taking action,  for their  personal  benefit at the Fund's
         expense or to the Fund's  detriment.  Some  examples  of  conflicts  of
         interest  follow  (this  is not an  all-inclusive  list):  being in the
         position of  supervising,  reviewing or having any influence on the job
         evaluation,  pay or benefit of any  immediate  family  member who is an
         employee of a Fund service provider or is otherwise associated with the
         Fund; or having an ownership  interest in, or having any  consulting or
         employment relationship with, any Fund service provider other than DeAM
         or its affiliates.

         Certain  conflicts  of  interest  covered by this Code arise out of the
         relationships  between  Covered  Officers and the Fund that already are
         subject to conflict of interest  provisions in the  Investment  Company
         Act and the Investment Advisers Act. For example,  Covered Officers may
         not individually  engage in certain  transactions (such as the purchase
         or sale of securities or other property) with the Fund because of their
         status as  "affiliated  persons"  of the Fund.  Covered  Officers  must
         comply with applicable laws and regulations.  Therefore, any violations
         of  existing  statutory  and  regulatory   prohibitions  on  individual
         behavior could be considered a violation of this Code.

         As  to  conflicts  arising  from,  or  as  a  result  of  the  advisory
         relationship (or any other relationships) between the Fund and DeAM, of
         which the  Covered  Officers  are also  officers  or  employees,  it is
         recognized by the Board that, subject to DeAM's fiduciary duties to the
         Fund,  the Covered  Officers  will in the normal course of their duties
         (whether formally for the Fund or for DeAM, or for both) be involved in
         establishing  policies  and  implementing  decisions  which  will  have
         different  effects on


                                                                               4
<PAGE>

         DeAM and the Fund. The Board  recognizes that the  participation of the
         Covered  Officers  in  such  activities  is  inherent  in the  contract
         relationship  between  the Fund and DeAM,  and is  consistent  with the
         expectation of the Board of the performance by the Covered  Officers of
         their duties as officers of the Fund.

         Covered  Officers  should  avoid  actual  conflicts  of  interest,  and
         appearances  of conflicts of  interest,  between the Covered  Officer's
         duties  to the  Fund and his or her  personal  interests  beyond  those
         contemplated  or anticipated  by applicable  regulatory  schemes.  If a
         Covered  Officer  suspects or knows of a conflict or an  appearance  of
         one, the Covered Officer must immediately report the matter to the DeAM
         Compliance  Officer.  If a Covered Officer, in lieu of reporting such a
         matter to the DeAM Compliance  Officer,  may report the matter directly
         to the Fund's Board (or committee  thereof),  as appropriate  (e.g., if
         the  conflict  involves  the DeAM  Compliance  Officer  or the  Covered
         Officer reasonably  believes it would be futile to report the matter to
         the DeAM Compliance Officer).

         When  actual,  apparent or  suspected  conflicts  of interest  arise in
         connection with a Covered  Officer,  DeAM personnel aware of the matter
         should promptly contact the DeAM Compliance  Officer.  There will be no
         reprisal or retaliation against the person reporting the matter.

         Upon receipt of a report of a possible  conflict,  the DeAM  Compliance
         Officer will take steps to determine  whether a conflict exists.  In so
         doing,  the DeAM  Compliance  Officer  may take any  actions  he or she
         determines to be appropriate in his or her sole  discretion and may use
         all  reasonable  resources,   including  retaining  or  engaging  legal
         counsel,  accounting firms or other consultants,  subject to applicable
         law.(2)  The costs  associated  with such  actions  may be borne by the
         Fund,  if  appropriate,  after  consultation  with the Fund's Board (or
         committee  thereof).  Otherwise,  such  costs  will be borne by DeAM or
         other appropriate Fund service provider.

         After full review of a report of a possible  conflict of interest,  the
         DeAM  Compliance  Officer may determine  that no conflict or reasonable
         appearance  of a conflict  exists.  If,  however,  the DeAM  Compliance
         Officer  determines  that an actual  conflict  exists,  the  Compliance
         Officer will resolve the conflict  solely in the interests of the Fund,
         and will report the conflict and its resolution to the Fund's Board (or
         committee thereof).  If the DeAM Compliance Officer determines that the
         appearance of a conflict exists,  the DeAM Compliance Officer will take
         appropriate  steps to remedy such  appearance.  In lieu of  determining
         whether  a  conflict  exists  and/or  resolving  a  conflict,  the DeAM
         Compliance Officer instead may refer the matter to the Fund's Board (or
         committee  thereof),  as  appropriate.  However,  the  DeAM  Compliance
         Officer  must  refer the  matter  to the  Fund's  Board  (or  committee
         thereof) if the DeAM  Compliance  Officer is  directly  involved in the
         conflict or under similar appropriate circumstances.

         After  responding to a report of a possible  conflict of interest,  the
         DeAM  Compliance  Officer  will  discuss  the  matter  with the  person
         reporting it (and with the Covered  Officer at issue, if different) for
         purposes  of  educating   those  involved  on  conflicts  of  interests
         (including how to detect and avoid them, if appropriate).

         Appropriate   resolution   of  conflicts   may  restrict  the  personal
         activities of the Covered  Officer and/or his family,  friends or other
         persons.

         Solely because a conflict is disclosed to the DeAM  Compliance  Officer
         (and/or the Board or  Committee  thereof)  and/or  resolved by the DeAM
         Compliance  Officer does not mean that the  conflict or its  resolution
         constitutes a waiver from the Code's requirements.



- -----------------------

(2) For  example,  retaining a Fund's  independent  accounting  firm may require
pre-approval by the Fund's audit committee.

                                       5
<PAGE>

         Any  questions  about  conflicts  of  interests,  including  whether  a
         particular  situation  might be a  conflict  or an  appearance  of one,
         should be directed to the DeAM Compliance Officer.

         C. Use of Personal Fund Shareholder Information

         A Covered Officer may not use or disclose  personal  information  about
         Fund  shareholders,  except in the performance of his or her duties for
         the Fund. Each Covered Officer also must abide by the Funds' and DeAM's
         privacy policies under SEC Regulation S-P.

         D. Public Communications

         In connection with his or her  responsibilities for or involvement with
         a  Fund's  public   communications  and  disclosure   documents  (e.g.,
         shareholder reports,  registration  statements,  press releases),  each
         Covered  Officer must  provide  information  to Fund service  providers
         (within the DeAM  organization  or  otherwise)  and to the Fund's Board
         (and  any  committees  thereof),   independent   auditors,   government
         regulators and  self-regulatory  organizations that is fair,  accurate,
         complete, objective, relevant, timely and understandable.

         Further,  within the scope of their  duties,  Covered  Officers  having
         direct or supervisory authority over Fund disclosure documents or other
         public Fund communications will, to the extent appropriate within their
         area of responsibility, endeavor to ensure full, fair, timely, accurate
         and  understandable  disclosure  in  Fund  disclosure  documents.  Such
         Covered Officers will oversee, or appoint others to oversee,  processes
         for the timely and accurate  creation and review of all public  reports
         and regulatory filings. Within the scope of his or her responsibilities
         as a Covered  Officer,  each  Covered  Officer  also  will  familiarize
         himself or herself with the disclosure  requirements  applicable to the
         Fund,  as well as the business and  financial  operations  of the Fund.
         Each Covered  Officer  also will adhere to, and will promote  adherence
         to, applicable disclosure controls, processes and procedures, including
         DeAM's Disclosure Controls and Procedures,  which govern the process by
         which Fund disclosure documents are created and reviewed.

         To the extent that Covered  Officers  participate  in the creation of a
         Fund's  books or records,  they must do so in a way that  promotes  the
         accuracy, fairness and timeliness of those records.

         E. Compliance with Applicable Laws, Rules and Regulations

         In connection with his or her duties and within the scope of his or her
         responsibilities as a Covered Officer, each Covered Officer must comply
         with governmental  laws, rules and regulations,  accounting  standards,
         and  Fund   policies/procedures   that   apply  to  his  or  her  role,
         responsibilities  and duties  with  respect  to the Funds  ("Applicable
         Laws").  These  requirements  do not  impose on  Covered  Officers  any
         additional  substantive duties.  Additionally,  Covered Officers should
         promote compliance with Applicable Laws.

         If a Covered  Officer  knows of any material  violations  of Applicable
         Laws or suspects that such a violation may have  occurred,  the Covered
         Officer  is  expected  to  promptly  report  the  matter  to  the  DeAM
         Compliance Officer.

                                       6
<PAGE>

IV.      Violation Reporting

         A. Overview

         Each  Covered  Officer  must  promptly  report  to the DeAM  Compliance
         Officer,   and  promote  the  reporting  of,  any  known  or  suspected
         violations of the Officer Code.  Failure to report a violation may be a
         violation of the Officer Code.

         Examples of violations of the Officer Code include, but are not limited
         to, the following:

         o  Unethical or dishonest behavior

         o  Obvious  lack  of  adherence  to  policies  surrounding  review  and
            approval of public communications and regulatory filings

         o  Failure to report violations of the Officer Code

         o  Known or obvious deviations from Applicable Laws

         o  Failure to acknowledge and certify adherence to the Officer Code

         The  DeAM  Compliance  Officer  has the  authority  to take any and all
         action he or she considers appropriate in his or her sole discretion to
         investigate  known or suspected Code violations,  including  consulting
         with  the  Fund's  Board,  the  independent  Board  members,   a  Board
         committee,  the Fund's legal counsel and/or counsel to the  independent
         Board members. The Compliance Officer also has the authority to use all
         reasonable resources to investigate violations,  including retaining or
         engaging legal counsel, accounting firms or other consultants,  subject
         to  applicable  law.(3) The costs  associated  with such actions may be
         borne by the Fund, if appropriate,  after  consultation with the Fund's
         Board (or committee  thereof).  Otherwise,  such costs will be borne by
         DeAM.

         B. How to Report

         Any known or suspected  violations of the Officer Code must be promptly
         reported to the DeAM Compliance Officer.

         C. Process for Violation Reporting to the Fund Board

         The DeAM Compliance  Officer will promptly report any violations of the
         Code to the Fund's Board (or committee thereof).

         D. Sanctions for Code Violations

         Violations of the Code will be taken seriously. In response to reported
         or otherwise known  violations,  DeAM and the relevant Fund's Board may
         impose sanctions  within the scope of their  respective  authority over
         the Covered Officer at issue.  Sanctions  imposed by DeAM could include
         termination  of employment.  Sanctions  imposed by a Fund's Board could
         include termination of association with the Fund.

V.       Waivers from the Officer Code

         A  Covered  Officer  may  request  a waiver  from the  Officer  Code by
         transmitting  a written  request  for a waiver  to the DeAM  Compliance
         Officer.(4)  The request must include the rationale for the request and
         must explain how the waiver would be in furtherance of the standards of
         conduct  described in and underlying  purposes of the Officer Code. The
         DeAM  Compliance  Officer will present this  information


- -----------------------

(3) For  example,  retaining a Fund's  independent  accounting  firm may require
pre-approval by the Fund's audit committee.

(4) Of course,  it is not a waiver of the Officer  Code if the Fund's  Board (or
committee thereof)  determines that a matter is not a deviation from the Officer
Code's requirements or is otherwise not covered by the Code.


                                                                               7


<PAGE>

         to the Fund's Board (or committee  thereof).  The Board (or  committee)
         will determine  whether to grant the requested waiver. If the Board (or
         committee)  grants the requested  waiver,  the DeAM Compliance  Officer
         thereafter  will  monitor  the  activities  subject to the  waiver,  as
         appropriate, and will promptly report to the Fund's Board (or committee
         thereof) regarding such activities, as appropriate.

         The DeAM Compliance Officer will coordinate and facilitate any required
         public disclosures of any waivers granted or any implicit waivers.

VI.      Amendments to the Code

         The DeAM  Compliance  Officer will review the Officer Code from time to
         time for its continued  appropriateness and will propose any amendments
         to the  Fund's  Board (or  committee  thereof)  on a timely  basis.  In
         addition, the Board (or committee thereof) will review the Officer Code
         at least annually for its continued  appropriateness  and may amend the
         Code as necessary or appropriate.

         The DeAM Compliance Officer will coordinate and facilitate any required
         public disclosures of Code amendments.

VII.     Acknowledgement and Certification of Adherence to the Officer Code

         Each  Covered  Officer  must sign a  statement  upon  appointment  as a
         Covered Officer and annually  thereafter  acknowledging  that he or she
         has  received  and read the Officer  Code,  as amended or updated,  and
         confirming  that  he or she has  complied  with  it  (see  Appendix  B:
         Acknowledgement  and  Certification  of  Obligations  Under the Officer
         Code).

         Understanding  and  complying  with the  Officer  Code  and  truthfully
         completing the  Acknowledgement  and Certification Form is each Covered
         Officer's obligation.

         The DeAM Compliance Officer will maintain such  Acknowledgements in the
         Fund's books and records.

VIII.    Scope of Responsibilities

          A  Covered  Officer's  responsibilities  under  the  Officer  Code are
          limited to:

            (1)   Fund matters over which the Officer has direct  responsibility
                  or   control,   matters   in  which  the   Officer   routinely
                  participates,  and matters with which the Officer is otherwise
                  involved  (i.e.,  matters  within  the  scope  of the  Covered
                  Officer's responsibilities as a Fund officer); and

            (2)   Fund matters of which the Officer has actual knowledge.


IX.      Recordkeeping

         The DeAM  Compliance  Officer  will  create  and  maintain  appropriate
         records regarding the implementation and operation of the Officer Code,
         including records relating to conflicts of interest  determinations and
         investigations of possible Code violations.


                                                                               8
<PAGE>

X.       Confidentiality

         All reports and records prepared or maintained pursuant to this Officer
         Code  shall be  considered  confidential  and shall be  maintained  and
         protected  accordingly.  Except as  otherwise  required  by law or this
         Officer Code,  such matters shall not be disclosed to anyone other than
         the DeAM Compliance  Officer,  the Fund's Board (or committee thereof),
         legal counsel, independent auditors, and any consultants engaged by the
         Compliance Officer.



                                                                               9
<PAGE>



         Appendices

         Appendix A:



         List of Officers Covered under the Code, by Board:


<TABLE>
<CAPTION>
=========================================== ============================== =========================== ============================
                Fund Board                  Principal Executive               Principal Financial               Treasurer
                                                Officers                           Officers
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
<S>                                              <C>                             <C>                      <C>
Boston                                      Vincent Esposito               Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Chicago                                     Vincent Esposito               Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Closed End (except Germany)                 Vincent Esposito               Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Korea                                       Vincent Esposito               Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
New York                                    Vincent Esposito               Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
MSIS                                        Vincent Esposito               Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Hedge Strategies Fund                       Pam Kiernan                    Marielena Glassman          Marielena Glassman
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Germany*                                    Vincent Esposito               Paul Schubert               Paul Schubert
- ------------------------------------------- ------------------------------ --------------------------- ----------------------------
Topiary BPI                                 Pam Kiernan                    Marielena Glassman          Marielena Glassman
=========================================== ============================== =========================== ============================
</TABLE>

* Central Europe and Russia, Germany, and New Germany Funds


         DeAM Compliance Officer:

         Name: Joseph Yuen

         DeAM Department: Compliance

         Phone Numbers: 212-454-7443

         Fax Numbers: 212-454-4703









As of:   January 3, 2006

                                                                              10
<PAGE>


Appendix B: Acknowledgement and Certification


                    Initial Acknowledgement and Certification
                      of Obligations Under the Officer Code



- --------------------------------------------------------------------------------
Print Name           Department                Location         Telephone




     1.       I  acknowledge  and certify that I am a Covered  Officer under the
              Scudder Fund  Principal  Executive and  Financial  Officer Code of
              Ethics  ("Officer  Code"),  and  therefore  subject  to all of its
              requirements and provisions.

     2.       I have  received and read the Officer  Code and I  understand  the
              requirements and provisions set forth in the Officer Code.

     3.       I have  disclosed any conflicts of interest of which I am aware to
              the DeAM Compliance Officer.

     4.       I will act in the best  interest of the Funds for which I serve as
              an officer and have  maintained  the  confidentiality  of personal
              information about Fund shareholders.

     5.       I will  report any known or  suspected  violations  of the Officer
              Code in a timely manner to the DeAM Compliance Officer.













         -----------------------------------------------------------------------
         Signature                                               Date


                                                                              11
<PAGE>




                    Annual Acknowledgement and Certification
                      of Obligations Under the Officer Code



- --------------------------------------------------------------------------------
Print Name              Department             Location         Telephone




        6.    I  acknowledge  and certify that I am a Covered  Officer under the
              Scudder Fund  Principal  Executive and  Financial  Officer Code of
              Ethics  ("Officer  Code"),  and  therefore  subject  to all of its
              requirements and provisions.

        7.    I have  received and read the Officer Code,  and I understand  the
              requirements and provisions set forth in the Officer Code.

        8.    I have adhered to the Officer Code.

        9.    I have not knowingly been a party to any conflict of interest, nor
              have I had actual knowledge about actual or apparent  conflicts of
              interest that I did not report to the DeAM  Compliance  Officer in
              accordance with the Officer Code's requirements.

        10.   I have acted in the best  interest  of the Funds for which I serve
              as an officer and have maintained the  confidentiality of personal
              information about Fund shareholders.

        11.   With  respect  to the  duties  I  perform  for the  Fund as a Fund
              officer, I believe that effective processes are in place to create
              and  file  public   reports  and  documents  in  accordance   with
              applicable regulations.

        12.   With  respect  to the  duties  I  perform  for the  Fund as a Fund
              officer,  I have  complied  to the best of my  knowledge  with all
              Applicable  Laws (as that term is defined in the Officer Code) and
              have  appropriately  monitored  those persons under my supervision
              for compliance with Applicable Laws.

        13.   I have  reported any known or suspected  violations of the Officer
              Code in a timely manner to the DeAM Compliance Officer.











- --------------------------------------------------------------------------------
Signature                                                             Date


                                                                              12
<PAGE>




Appendix C:  Definitions

Principal Executive Officer
Individual  holding the office of President of the Fund or series of Funds, or a
person performing a similar function.

Principal Financial Officer
Individual  holding the office of Treasurer of the Fund or series of Funds, or a
person performing a similar function.

Registered Investment Management Investment Company
Registered investment companies other than a face-amount  certificate company or
a unit investment trust.

Waiver
A waiver is an approval of an exemption from a Code requirement.

Implicit Waiver
An implicit  waiver is the failure to take action within a reasonable  period of
time  regarding a material  departure  from a  requirement  or  provision of the
Officer  Code that has been made  known to the DeAM  Compliance  Officer  or the
Fund's Board (or committee thereof).


                                                                              13
<PAGE>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>6
<FILENAME>cert.txt
<TEXT>

                                             Deutsche Asset Management [LOGO]
                                             A Member of the Deutsche Bank Group



President
Form N-CSR Certification under Sarbanes Oxley Act






I, Vincent J. Esposito, certify that:

1.                I have reviewed this report, filed on behalf of Scudder
                  Municipal Income Trust, on Form N-CSR;

2.                Based on my knowledge, this report does not contain any untrue
                  statement of a material fact or omit to state a material fact
                  necessary to make the statements made, in light of the
                  circumstances under which such statements were made, not
                  misleading with respect to the period covered by this report;

3.                Based on my knowledge, the financial statements, and other
                  financial information included in this report, fairly present
                  in all material respects the financial condition, results of
                  operations, changes in net assets, and cash flows (if the
                  financial statements are required to include a statement of
                  cash flows) of the registrant as of, and for, the periods
                  presented in this report;

4.                The registrant's other certifying officer(s) and I are
                  responsible for establishing and maintaining disclosure
                  controls and procedures (as defined in Rule 30a-3(c) under the
                  Investment Company Act of 1940) and internal control over
                  financial reporting (as defined in Rule 30a-3(d) under the
                  Investment Company Act of 1940) for the registrant and have:

                  (a)      Designed such disclosure controls and procedures, or
                           caused such disclosure controls and procedures to be
                           designed under our supervision, to ensure that
                           material information relating to the registrant,
                           including its consolidated subsidiaries, is made
                           known to us by others within those entities,
                           particularly during the period in which this report
                           is being prepared;

<PAGE>

                  (b)      Designed such internal control over financial
                           reporting, or caused such internal control over
                           financial reporting to be designed under our
                           supervision, to provide reasonable assurance
                           regarding the reliability of financial reporting and
                           the preparation of financial statements for external
                           purposes in accordance with generally accepted
                           accounting principles;

                  (c)      Evaluated the effectiveness of the registrant's
                           disclosure controls and procedures and presented in
                           this report our conclusions about the effectiveness
                           of the disclosure controls and procedures, as of a
                           date within 90 days prior to the filing date of this
                           report based on such evaluation; and

                  (d)      Disclosed in this report any change in the
                           registrant's internal control over financial
                           reporting that occurred during the registrant's most
                           recent fiscal half-year (the registrant's second
                           fiscal half-year in the case of an annual report)
                           that has materially affected, or is reasonably likely
                           to materially affect, the registrant's internal
                           control over financial reporting; and

5.                The registrant's other certifying officer(s) and I have
                  disclosed to the registrant's auditors and the audit committee
                  of the registrant's board of directors (or persons performing
                  the equivalent functions):

                  (a)      All significant deficiencies and material weaknesses
                           in the design or operation of internal control over
                           financial reporting which are reasonably likely to
                           adversely affect the registrant's ability to record,
                           process, summarize, and report financial information;
                           and

                  (b)      Any fraud, whether or not material, that involves
                           management or other employees who have a significant
                           role in the registrant's internal control over
                           financial reporting.

January 31, 2006                           /s/Vincent J. Esposito
                                           ----------------------
                                           Vincent J. Esposito
                                           President
                                           Scudder Municipal Income Trust

<PAGE>

                                             Deutsche Asset Management [LOGO]
                                             A Member of the Deutsche Bank Group



Chief Financial Officer and Treasurer
Form N-CSR Certification under Sarbanes Oxley Act






I, Paul Schubert, certify that:

1.                I have reviewed this report, filed on behalf of Scudder
                  Municipal Income Trust, on Form N-CSR;

2.                Based on my knowledge, this report does not contain any untrue
                  statement of a material fact or omit to state a material fact
                  necessary to make the statements made, in light of the
                  circumstances under which such statements were made, not
                  misleading with respect to the period covered by this report;

3.                Based on my knowledge, the financial statements, and other
                  financial information included in this report, fairly present
                  in all material respects the financial condition, results of
                  operations, changes in net assets, and cash flows (if the
                  financial statements are required to include a statement of
                  cash flows) of the registrant as of, and for, the periods
                  presented in this report;

4.                The registrant's other certifying officer(s) and I are
                  responsible for establishing and maintaining disclosure
                  controls and procedures (as defined in Rule 30a-3(c) under the
                  Investment Company Act of 1940) and internal control over
                  financial reporting (as defined in Rule 30a-3(d) under the
                  Investment Company Act of 1940) for the registrant and have:

                  (a)      Designed such disclosure controls and procedures, or
                           caused such disclosure controls and procedures to be
                           designed under our supervision, to ensure that
                           material information relating to the registrant,
                           including its consolidated subsidiaries, is made
                           known to us by others within those entities,
                           particularly during the period in which this report
                           is being prepared;

<PAGE>

                  (b)      Designed such internal control over financial
                           reporting, or caused such internal control over
                           financial reporting to be designed under our
                           supervision, to provide reasonable assurance
                           regarding the reliability of financial reporting and
                           the preparation of financial statements for external
                           purposes in accordance with generally accepted
                           accounting principles;

                  (c)      Evaluated the effectiveness of the registrant's
                           disclosure controls and procedures and presented in
                           this report our conclusions about the effectiveness
                           of the disclosure controls and procedures, as of a
                           date within 90 days prior to the filing date of this
                           report based on such evaluation; and

                  (d)      Disclosed in this report any change in the
                           registrant's internal control over financial
                           reporting that occurred during the registrant's most
                           recent fiscal half-year (the registrant's second
                           fiscal half-year in the case of an annual report)
                           that has materially affected, or is reasonably likely
                           to materially affect, the registrant's internal
                           control over financial reporting; and

5.                The registrant's other certifying officer(s) and I have
                  disclosed to the registrant's auditors and the audit committee
                  of the registrant's board of directors (or persons performing
                  the equivalent functions):

                  (a)      All significant deficiencies and material weaknesses
                           in the design or operation of internal control over
                           financial reporting which are reasonably likely to
                           adversely affect the registrant's ability to record,
                           process, summarize, and report financial information;
                           and

                  (b)      Any fraud, whether or not material, that involves
                           management or other employees who have a significant
                           role in the registrant's internal control over
                           financial reporting.

January 31, 2006                           /s/Paul Schubert
                                           ----------------------
                                           Paul Schubert
                                           Chief Financial Officer and Treasurer
                                           Scudder Municipal Income Trust
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>7
<FILENAME>cert906.txt
<TEXT>

                                             Deutsche Asset Management [LOGO]
                                             A Member of the Deutsche Bank Group



President
Section 906 Certification under Sarbanes Oxley Act





I, Vincent J. Esposito, certify that:

1.       I have reviewed this report, filed on behalf of Scudder Municipal
         Income Trust, on Form N-CSR;

2.       Based on my knowledge and pursuant to 18 U.S.C. ss. 1350, the periodic
         report on Form N-CSR (the "Report") fully complies with the
         requirements of ss. 13 (a) or ss.15 (d), as applicable, of the
         Securities Exchange Act of 1934 and that the information contained in
         the Report fairly presents, in all material respects, the financial
         condition and results of operations of the Company.




January 31, 2006                           /s/Vincent J. Esposito
                                           ----------------------
                                           Vincent J. Esposito
                                           President
                                           Scudder Municipal Income Trust

<PAGE>

                                             Deutsche Asset Management [LOGO]
                                             A Member of the Deutsche Bank Group



Chief Financial Officer and Treasurer
Section 906 Certification under Sarbanes Oxley Act





I, Paul Schubert, certify that:

1.       I have reviewed this report, filed on behalf of Scudder Municipal
         Income Trust, on Form N-CSR;

2.       Based on my knowledge and pursuant to 18 U.S.C. ss. 1350, the periodic
         report on Form N-CSR (the "Report") fully complies with the
         requirements of ss. 13 (a) or ss. 15 (d), as applicable, of the
         Securities Exchange Act of 1934 and that the information contained in
         the Report fairly presents, in all material respects, the financial
         condition and results of operations of the Company.



January 31, 2006                           /s/Paul Schubert
                                           ----------------------
                                           Paul Schubert
                                           Chief Financial Officer and Treasurer
                                           Scudder Municipal Income Trust
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
